Fourth fuel price rollback of the year set for May 3, 2022

After a series of continuous price hikes to start the year, local oil companies are slashing the price of gasoline, diesel, and kerosene for only the fourth time in 2022.

Among the companies that issued separate advisories include Cleanfuel, Petro Gazz, PTT Philippines, and SeaOil, which all said they will cut per-liter prices of gasoline by P0.65, diesel by P1.15, and kerosene by P1.15. These changes will take effect by 6 AM on Tuesday, May 3, 2022.

It’s good news for motorists, as they have taken the brunt of the additional costs of fuel since it started rising in 2021. As of April 26, 2022, per-liter prices at the pump have risen by P18.45 for gasoline, P31.45 for diesel, and P25.05 for kerosene since the beginning of the year.

There has been no end in sight for rising fuel prices, with global supply still uncertain in the midst of the conflict in Eastern Europe, the continued presence of COVID-19, and other factors. The reopening of the Chinese economy, which has caused the Asian giant to increase oil demand, has also likely played a part in raising fuel prices across the globe.

With local fuel prices seeing a rare rollback this week, motorists would do well to fill their tanks and take advantage of the lower gas costs. Price volatility could continue well into 2022, so it could be best to keep watching the spiking and lowering of gas prices. 

It could also be wise to consider buying fuel when prices are low and store them at home or other safe places for use when prices are high. For now, motorists will have to resort to ingenious ways to save on fuel. If you're looking to save on gas this week, remember to fuel up starting 6 AM on Tuesday, May 3, 2022.