Big-time rollback in fuel prices could happen on March 22, says Cusi

Big-time rollback in fuel prices could happen on March 22, says Cusi
Energy Secretary Alfonso Cusi notes that Dubai crude oil prices dipped in the past two days. If this trend continues, there may be a rollback.

MANILA, Philippines – Energy Secretary Alfonso Cusi said a big-time rollback in fuel prices may be implemented next Tuesday, March 22.

In a government briefing aired Wednesday, March 16, Cusi explained that pump prices could go down following a dip in Dubai crude oil prices.

According to Cusi, the average for the past two trading days reached $104.79 per barrel. This is lower than last week’s average of $122.61 per barrel, which had caused the massive hike in local pump prices on Tuesday, March 15.

“Kung magtutuloy po itong ganitong trend na umabot ng $104 or $105 per barrel, makaka-experience po tayo ng pagbaba ng presyo next week. Sa gasolina, puwede tayong bumaba ng mga P5 mahigit, at sa diesel, puwede tayong magbaba ng P12 pataas,” Cusi told President Rodrigo Duterte.

(If this trend ranging from $104 to $105 per barrel continues, we could experience a rollback in prices next week. For gasoline, it could be more than P5, and for diesel, it could go down by P12 or more.)

According to the energy chief, the dip in global prices can be largely attributed to lower oil demand in China, given the reimposition of lockdowns due to a surge in COVID-19 cases there.

Cusi added that talks between Ukraine and Russia, a major oil and gas producer, also tempered prices.

On Tuesday, oil firms implemented their highest price hikes yet – raising diesel prices by P13.15 per liter and gasoline prices by P7.10 per liter. Since the start of the year, prices have increased by P20.35 per liter for gasoline, P30.65 per liter for diesel, and P24.90 per liter for kerosene.

On Wednesday, Cleanfuel announced rollbacks of P3 and P5 per liter for diesel products, taking effect beginning 4 pm on Wednesday until Friday, March 18.

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