Manila, Philippines – President Ferdinand Marcos Jr. has reported a bigtime rollback to be implemented by major oil companies on Tuesday.
Ahead of this rollback, President Marcos Jr. warned the public that hoarding is condemned by the government.
On his vlog, he reiterated that this isn’t the time to take advantage of the situation; instead, he promoted that this is the time to extend a helping hand to fellow Filipinos.
The President also recognized the initiatives of fellow Filipinos to assist affected drivers in the transportation sector.
Some non-government organizations and individuals from the private sector have set up community pantries, offered financial assistance, and even provided free oil products.
Amid the situation, the President assured Filipinos that the government continues to look for solutions that will ease the burden on affected sectors due to the skyrocketing price of oil.
The President announced that on Tuesday, the price of diesel will decrease to 20.89 pesos per liter, a decline of 4.43 pesos per liter for gasoline, and a rollback of 8.50 pesos per liter for kerosene.
He noted that this development is a big sigh of relief for drivers and the public.
However, he acknowledged that this rollback is not enough to completely ease the burden on the public.
He stated that in the following days, he will announce additional measures to mitigate the effects of the oil price hike due to the Middle East conflict.
This is the first bigtime rollback after consistent oil price hikes since the regional conflict sparked.
The oil rollback is mainly attributed to the agreed two-week ceasefire between the US and Iran.