Pump price rollback likely next week
MANILA, Philippines - The series of oil price rollbacks is likely to continue next week, Energy Secretary Jose Rene Almendras said on Friday.
Almendras said international oil prices continue to soften so there is likely going to be another oil price rollback.
This is going to be the 11th straight rollback, with a total price cut so far of P7.77/liter for gasoline and P7.06/liter for diesel.
Based on data from Monday to Thursday this week, gasoline is still down by a P1.25/liter and diesel by a P0.47/liter.
But Almendras is cautious with the swift movements in oil prices saying that "if it goes down too fast, it will likely go up fast too" referring to international oil prices.
Higher power bills next month
Meanwhile, Almendras alerted consumers of a possible spike in electricity prices in July and August due to the shutdown of Malampaya natural gas facility.
Last June 9 and 10, the natural gas facility experienced technical trouble resulting in the usage of more expensive fuel for the Sta. Rita and San Lorenzo power plants.
From July 13 to 21, Malampaya will also be on maintenance shutdown which means that the 3 major power plants that depend on natgas will have to use the more expensive liquid condensates.