MANILA, Philippines — Motorists will see lower diesel but higher gasoline prices.
The price cut on diesel products was led by Phoenix Petroleum Philippines, which reduced prices by P0.40 per liter starting at noon yesterday.
Cleanfuel also rolled back diesel prices by P0.40 effective 4:01 p.m. yesterday.
Unioil Petroleum Philippines said motorists should expect a rollback on the prices of diesel and an increase on gasoline on Tuesday.
“Diesel should decrease by P0.40 to P0.50 per liter, while gasoline should increase by P0.20 to P0.25 per liter,” it said in its weekly forecast.
Global crude prices fell for most of the past trading week, pulled down by concerns over the outlook for global economic growth which could also lower demand, Reuters reported.
Lower-than-expected decline in the US crude stockpiles also dragged international prices.
Last week, oil companies raised gasoline prices by P0.30 per liter, diesel by P0.55 and kerosene by P0.45 per liter.
Year-to-date adjustments stand at a net increase of P3.70 per liter for gasoline, P2.75 for diesel and P1.10 per liter for kerosene, data from the Department of Energy showed.