Petroleum group sees price rollback next week

Prices of petroleum products are likely to go down next week, according to the head of the Independent Philippine Petroleum Companies Association (IPPCA) on Wednesday.

Interviewed on Dobol B TV, IPPCA chairman emeritus Dr. Fernando Martinez said as of Wednesday, the rollback is seen to be from P2 to P3 per liter. He said this estimate could change by Friday.

"More or less mga P3 [per liter] sa ngayon ha, pero hindi mo masasabi kasi hanggang Friday pa 'yan eh. Basta maganda pababa, mga P2 to P3 as of today," Martinez said.

Movement in the prices of liquefied petroleum gas (LPG), meanwhile, will be known by the end of the month.

Oil firms implemented a major price hike on Tuesday, marking the 11th straight week of increases with domestic pump prices already hitting P84.55 per liter in select areas across the country.

The Department of Energy (DOE) has maintained that the ongoing conflict between Russia and Ukraine has hit global prices.

The Philippines does not directly import from Russia but sources its supply from other countries which in turn source their supply from the country.  —KBK, GMA News