A major rollback in pump prices is expected next week, the Department of Energy (DOE) Oil Industry Management Bureau Director Rino Abad said.
In an interview with reporters on Wednesday, June 25, Abad said that a round of big-time rollback is expected next week. For the past two days, crude oil prices dropped to over $68 per barrel on the global market.
“The past two days bumaba talaga ang price. [Sa] impact ang estimate namin, rollback tayo next week sa two days pa lang. Ngayon hihintayin natin ang Wednesday to Friday dahil hindi tayo sigurado kung matutuloy,” Abad said in an interview with reporters.
He added that if this continues, a major price rollback is likely to happen.
“Kung dire-diretso ang baba baka may malaki din tayong rollback. ‘Yun nga lang, kung didiretso, sana dumeretso na yung price decrease hanggang Friday or this week,” he said.
Meanwhile, the DOE Officer-in-Charge, Sharon Garin, inspected some gasoline stations in Taguig City. RH Jecelle Ricafort reported that Garin is observing the stations and checking if the amount of fuel loaded is correct.
According to the report, those who will be caught dispensing a pump will be fined P10,000. Stations may also have their compliance certificates revoked or suspended if they violate the set of rules.
No Reports on Hoarding
Abad also told the media that they have yet to receive reports on hoarding. According to him, all gas stations appear to be operating similarly. For stations to hoard, Abad explained, they would have to refuse clients.
“Kung meron ngang hoarding then we will act on it. Pero ako, naniniwala ako na the companies like Caltex, Petron, and all the big companies, medyo mahirap sa kanilang mag hoarding kasi limited din yung storage capacity nila,” Garin highlighted.
“Kung meron man nga, siguro we will investigate once we receive it. But I think with all these activities na ginagawa ng bureau namin, they can also investigate on their own. Kasi kung may mababalitaan nag-aaksyon naman agady ung DOE,” she added.
