Diesel prices down next week

MANILA, Philippines — Oil companies are expected to roll back prices for diesel but raise those for gasoline next week.

“Diesel should go down by P0.10 to P0.20. Gasoline should increase by P0.80 to P0.90,” Unioil said.

This would be the fourth straight week of reduction on diesel. Meanwhile, the gasoline price hike would come after three successive weeks of decrease.

Global oil prices were down for most of the trading week but Brent crude jumped to $62 per barrel on Thursday as China hinted at progress in its trade talks with the US, Reuters reported.

In the previous week, local oil firms implemented reductions of P0.10 per liter on gasoline, P0.25 per liter on diesel and P0.10 per liter on kerosene.

These drove year-to-date adjustments to stand at a net increase of P5.06 per liter for gasoline, P3.67 per liter for diesel and P0.86 per liter for kerosene, based on Department of Energy data.