Pump prices to go down this week
MANILA, Philippines — Motorists can expect a slight reduction in pump prices this week as global prices remained weak largely due to concerns over the global economy.
Unioil Philippines said in its advisory that it expects diesel and gasoline prices to go down by P0.10 to P0.20 per liter.
In the past trading week, the Brent crude managed to rise a little above $60 per barrel at mid-week due to lower US crude stocks.
However, oil prices were down for most of the week as ongoing worries over global economic recession and uncertainty over the Federal Reserve’s interest rate weighed on investor sentiment, Reuters reported.
Next week’s price change follows the price increase implemented by oil firms last week.
Fuel companies raised gasoline prices by P0.35 per liter to P0.50 per liter, kerosene prices by P0.45 per liter to P0.50 per liter and diesel by P0.60 per liter to P0.75 per liter.
The latest Department of Energy (DOE) data showed that year-to-date adjustments stand at a net increase of P4.85 per liter for gasoline, P3.45 per liter for diesel, and P1.30 per liter for kerosene.
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