Gas prices seen going down by 60¢-70¢ per liter
MANILA, Philippines — After four consecutive weeks of hikes, motorists can finally expect a reduction in fuel prices.
Phoenix Petroleum Philippines Inc. led the fuel price rollback announcements with a decrease of 65 centavos per liter on gasoline and 35 centavos per liter on diesel starting 6 a.m. yesterday.
In its advisory, Unioil Philippines said it expects a decrease in fuel prices this week.
The firm said diesel would go down by 30 to 40 centavos and gasoline should go down by 60 to 70 centavos per liter.
The past four weeks showed higher oil prices, with gasoline prices raised by P3.40 per liter, diesel prices by P3.05 per liter and kerosene prices by P2.95 per liter.
During last week’s trading, global oil prices started with its biggest decline in a month.
Reuters reported that oil prices fell about three percent due to higher US crude oil production.
While international oil prices rose mid-week, it fell at the close on the back of a stronger dollar.
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