Petroleum company Unioil has announced that there is an expected big-time roll-back next week, which it said would be an early Christmas gift for motorists.

In a Facebook post, Unioil said fuel prices are forecasted to go down from 29 November to 5 December 2022.

It said diesel prices should go down P3.80 to P4.00 per liter.

Gasoline prices, on the other hand, are expected to plunge by P1.10 to P1.20 per liter.

In her interview with state-run television channel PTV-4 on Friday, Department of Energy-Oil Industry Management Bureau assistant director Rodela Romero first revealed that a big-time rollback is set to be imposed on the prices of all petroleum products next week.

Virus effect lingers

Romero said the slashing of prices was still due to the surging Covid-19 cases in mainland China, higher crude inventory in the United States, and the price cap imposed on Russian crude.

Rising Covid 19 cases across China have forced authorities to lock down thousands of neighborhoods, including in the capital of Beijing, and send close contacts to quarantine centers.

While the European Union has been in a discussion about imposing a price cap on Russian oil between $65 and $70 a barrel.

Price adjustments in the country are usually announced on Mondays by oil companies, to be implemented on the following day.