Fuel prices to go down this week

MANILA, Philippines — After significant price hikes last week, motorists can expect lower fuel prices this week in response to global trends.

Phoenix Petroleum Philippines led price cuts with a 35 centavos per liter rollback on gasoline and a 45 centavos per liter decrease on diesel prices at 6 a.m. today.

Unioil Petroleum Philippines said in its forecast that fuel prices are projected to decline next week.

Diesel should go down by 50 centavos per liter and gasoline should go down by 40 centavos per liter, Unioil said in its weekly forecast.

At the start of the past trading week, global oil prices started strong after Saudi Energy Minister Khalid al-Falih indicated continued production cuts by Organization of the Petroleum Exporting Countries and its allies.

Prices were supported by the tension between US and Iran, on top of concerns over the Washington-Beijing trade war.

But by mid-week, international oil prices dipped as US crude inventories surged, coupled with weak demand from refineries, Reuters reported.

Last week, oil companies raised gasoline prices by 90 per liter, diesel by 80 centavos per liter and kerosene by 75 centavos per liter.