The Energy Department has confirmed that there will be a big-time oil price rollback next week.
DOE says diesel may be slashed by P6.30 to P6.50 per liter while gasoline prices may be reduced by P5.70 to P5.90 per liter.
The DOE cited the China Shanghai lockdown, interest hikes by various countries and threat of recession which could cause demand destruction as reasons the price rollback.
The DOE said world oil prices remained volatile amid concerns of supply tightness and recession fears.
President Bongbong Marcos recently met with Energy officials to discuss the situation in the country.
Marcos has yet to name his Energy Secretary.
