Motorists will be in massive financial relief next week as pump prices of petroleum products are projected to rollback big time after 11 straight weeks of oil price hike.
If the downward movement in oil prices is sustained, there could be a price reduction of as much as P12 per liter for diesel next week said Fernando Martinez, chair of Independent Philippine Petroleum Companies Association and of Eastern Petroleum Corp.
He also emphasized that this could easily be upturned by developments in the current conflict between Russia and Ukraine given the instability of the global oil market.
Local prices at the pump range from P70 to P80 a liter, depending on the grade. Since January, prices of gasoline and diesel have already increased by P20.35 and P30.65, respectively.