Motorists will get a temporary reprieve from the continuous hikes of pump prices of petroleum products, as firms are set to implement a rollback this week, albeit only less than 10% of the increases so far this year.
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Motorists will again have to pay more for petroleum products which are now near P100 per liter, as oil firms announced another round of price hikes to mark the fourth straight week of increases for gasoline, and fifth for both diesel and kerosene.
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With the never-ending upswing of oil prices, the government is getting razor-sharp on its drive to "scrutinize" the scale of profits oil companies may have been pocketing from the weekly price hikes. According to Energy Undersecretary Gerardo Erguiza Jr., the "fuel cost unbundling" rule will be