Fuel prices to go down this week
MANILA,Philippines — Oil companies are expected to implement minimal price cuts on pump prices next week.
In its forecast, Unioil said: “Diesel should go down by P0.10 to P0.20. Gasoline should go down by P0.20 to P0.30.”
This would be the sixth straight week of reduction on diesel fuel prices. Meanwhile, the gasoline price cut comes after last week’s increase.
Prices, however, quickly recovered towards the closing following a better-than-expected US crude inventories report and Russia’s announcement that it would continue its cooperation with OPEC to keep the market balanced.
In the previous week, local oil firms implemented increases of P0.80 to 0.85 per liter on gasoline and reductions of P0.15 to 0.30 per liter on diesel. It also slashed P0.20 to P0.25 per liter on kerosene.
These drove year-to-date adjustments to stand at a net increase of P6.72 per liter for gasoline, P3.26 per liter for diesel and P0.54 per liter for kerosene, based on Department of Energy data.
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