Following an expected big-time rollback on fuel prices this week, oil companies are also hoping that the decline in fuel costs will continue despite the volatile market.
According to Cleanfuel president Bong Suntay, oil companies across the Philippines are also hoping for the continued decline on oil prices so businesses and people can recover amid the pandemic.
"We are hoping na tuloy-tuloy na sanang bumaba para maka-revover naman 'yung mga negosyante, mga tao maka-recover naman at makatulong," Suntay told DZRH in an interview.
(We are hoping that the decline will continue so businesses and people can recover.)
He made the remarks as his company, oil fuel, enforces an P11.70 rollback on diesel and P6.00 on gas.
It comes after forecasts from local oil companies on Saturday that diesel could see a drop as much as P11.70, gasoline will see P6.25 per liter, while kerosene will see P8.75 drop per liter.
Suntay said they welcome the news of the rollback, which took place despite the "volatile" world market when it comes to crude prices.
"Welcome news ito na magro-rollback. Very volatile kasi ang trading ng commodities market pagdating sa presyo ng krudo sa pandaigdigang merkado," he said.
(This rollback is welcome news. This is because the trading in the commodities market is very volatile when it comes to crude prices in the world market.)
According to Suntay, the rollback is triggered by reports of possible Ukraine-Russia negotiation, with the former expressing willingness to sit down and talk to stop the conflict.
Another factor to the rollback is the sudden spike of COVID-19 cases in Hong Kong and mainland China, where demand is expected to go down.
"So nag-triggger naman ito ng pagbaba ng presyo. Pero volatile eh," explained Suntay.
(So this triggered a drop on prices, but it’s still volatile.)
Oil prices across the country have been going up over the past weeks following the conflict between Russia and Ukraine.
The price surge has prompted several lawmakers to call for the suspension of excise tax, and the government to distribute P200 on top of other cash grants as monthly aid for poor families.
