As the price of petroleum continues to rise in the world market, this will also affect the continued increase in petroleum products here in the Philippines.
According to Oil Industry Management Bureau Director Rino Abad, they are not seeing any signs of a possible rollback in the prices of petroleum products in the coming weeks.
Abad also said that this is the effect of the continuing importation ban of Russian crude oil from the European Union on Russia because of their continuing conflict with Ukraine.
The official also explained that there was a small rollback before because of the lockdown in Beijing and Shanghai, China but the said lockdown is already at its end.
Prior to this, Energy Undersecretary Gerardo Erguiza said in a public briefing that there are no signs that the prices of petroleum products will reach Php 100 per liter.
According to Erguiza, even though there is a change in the prices of crude oil in the world market there won't be a huge increase that the price could reach Php 100 per liter.
Erquiza said that the Department of Energy is asking for a discount from oil companies to ease motorists' burden of having to spend a lot on gas.
