High chance of oil price rollback next week - DOE

MANILA, May 30 ------ The Department of Energy said there is a high chance of oil price rollback next week.

DOE Oil Management Bureau director Rino Abad said the following price decreases may be expected next week based on the four-day trading in the Means of Platts Singapore:

• Diesel – P8.00 per liter

• Gasoline – P4.00 per liter

• Kerosene – P10.00 per liter

The director noted however that the energy department has allowed oil companies to submit their price adjustment range, which will be taken into consideration for next week’s official prices, to protect them from losses and help them recover from various costs. “Ang submission nila ay after Friday din, so Saturday ho yan, and then we consolidate para ho makita naming yung kanilang actual na nae-experience,” Abad said.

Meanwhile, the DOE official encouraged the public to report to the agency gasoline stations that impose unauthorized markup before expected rollbacks to reverse the price adjustments. “Kailangan ho talaga officially mai-report sa amin, hindi yung parang kwento kwento lang. Dapat sana mabigyan kami ng specific address saan yan,” he said.

Source: news.abs-cbn.com