Oil pump prices seen to drop this week

MANILA, Philippines — Local pump prices are seen to significantly drop this week, with Phoenix Petroleum Philippines leading the way in the price cuts.

In a text advisory, Phoenix Petroleum said it reduced the prices of gasoline by P1.75 per liter and diesel by P1.05 per liter effective noon yesterday.

Unioil Petroleum Philippines forecasted fuel prices to decrease on Tuesday.

“Diesel should go down by P1.05 to P1.10 (per liter). Gasoline should go down by P1.60 to P1.70 (per liter),” it said in its weekly forecast.

Global oil prices rose at the start of the past trading week as the Organization of the Petroleum Exporting Countries (OPEC) continued to tighten the market. However, Brent crude remained below $70 per barrel due to the ongoing trade war between the United States and China.

News of a weakening Chinese economy and the possible retaliation of China against the US in a trade war weighed down global oil prices, Reuters reported.

This is the second consecutive week that oil companies will roll back fuel prices.

Last week, oil companies slashed gasoline prices by P0.35 per liter, diesel by P0.45 per liter and kerosene by P0.60 per liter. 

Prior this week’s price cuts, year-to-date adjustments stand at a net increase of P7.20 per liter for gasoline, P5.75 per liter for diesel and P4.00 per liter for kerosene, based on data from the Department of Energy (DOE).