PETROLEUM companies are set to implement a rollback on fuel prices on July 5, 2022, following weeks of price increases.

Unioil Petroleum Philippines said that based on forecast, fuel prices for diesel and gasoline are expected to decrease from July 5 to 11.

Diesel is expected to go down by P2.80 to P2.90 per liter.

Gasoline should have no price change to a rollback of P0.10 per liter.

Pump prices for gasoline rose in the recent four consecutive weeks while diesel in the last five weeks.

Local governments across the country have disbursed fuel subsidies to public utility vehicles to help ease the burden of price increases.

In Cebu City, the local government also plans to extend the validity of its fuel discount cards until December 2022.

The Department of Energy earlier said that oil prices may hit P100 per liter if the hikes driven by the Russian oil ban by the European Union caused by its invasion of Ukraine, the increased demand in the United States and China, and the premium in Saudi Arabia crude would continue.

Another factor being considered is the prevailing Covid-19 pandemic.