Oil prices to go down

MANILA, Philippines — Oil companies are expected to implement minimal cuts on fuel prices this week as global prices ended the trading week lower as concerns on the global economy continued to weigh.

Unioil Philippines said in its advisory that it expects diesel prices to go down by P0.10 to P0.20 per liter. It added that prices for gasoline could either remain at its current price or go down by P0.10 per liter.

International crude prices swung from gains to losses in the past trading week, mainly driven by concerns over the intensifying US-China trade war and its impact on the world economy.

Oil prices started the previous week with a two-percent drop on worries about a global economic slowdown, Reuters reported.

By mid week, prices managed to recover after US President Donald Trump signified a possible trade deal with China and as US crude inventory fell.

However, oil prices ended a three-day winning streak as worries on a slowing global economy prevailed. 

Two weeks ago, local oil firms rolled back gasoline and diesel prices by P0.10 per liter but raised kerosene prices by P0.10 per liter.

The latest Department of Energy (DOE) data showed that the year-to-date adjustments stand at a net increase of P4.75 per liter for gasoline, P3.35 per liter for diesel and P1.40 per liter for kerosene.