Another good news to all motorists is expected as the oil price rollback will be extended until next week.
The oil price movement projection by next week ranges from P1.60 to P1.80 reduction for diesel, P0.50 or no adjustment for gasoline, and up to P1.00 per liter for kerosene.
According to Department of Energy Oil Industry Management Bureau Director Rino Abad, the rollback followed the new announcement of the European Central Bank.
“Ang bago na event ay itong kahapon na announcement ng European Central Bank interest hike dito kasabay na bumaba ang trading price kahapon na nag-cause nitong rollback. May padating ding rate review ng US ngayong July 26-27 with expected another round of interest hike,” Abad said.
The interest rate hikes in Europe and in the United States weaken the demand for crude in the global market. —Report from Naomi Tiburcio/KC-ag
