Cusi says he expects rollback in gasoline, diesel prices
The energy department expects a rollback in gasoline and diesel prices if the cost of petroleum products in the world market continues to decrease.
During the Talk To The People aired on Wednesday morning, Energy Secretary Alfonso Cusi announced world oil prices decreased in the past two days.
"The good news now is, in the past two trading of oil, based in Dubai, the price of oil, compared to last week, the last week average reached $122.61. In the past two days, $104.79," he said.
"If this trend continues and the price will reach $104, $105, $100 per barrel, we will experience a decrease in the price next week. In gasoline, we can have a rollback of more than five pesos and in diesel the price can be reduced to at least 12 pesos," he added.
Cusi said the decrease of oil prices in the world market was driven by the lockdown implemented by China and the talks being done by Ukraine and Russia.
"Next week we expect a rollback on the price of petroleum if the price in the market continues to go down. Why did the market price go down?There are two reasons, one is the lockdown in China because of COVID and the projection of lower demand for oil by China; and the continued talks between Russia and Ukraine in the past two days, it slightly tempered the demand for oil," he said.
However, Cusi said electric bills may rise in May due to increase in coal prices.
"Because of the increase in the price of coal, our electricity bill will also increase and it will be felt by our people and consumers by May. The supply of coal in the country is sufficient. We maintain 30 days of inventory," he said.
"The generation companies are asking if we can loosen the requirement of 30 days inventory because the price of coal is doubling and they will need more capital," he added. Robina Asido/DMS
