In its forecast, Unioil said motorists should expect fuel prices to go down this week.
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Diesel, gasoline prices to go down this week
Danessa Rivera (The Philippine Star) - December 8, 2019 - 12:00am

MANILA, Philippines — Oil companies are rolling pump prices this week even as global prices posted gains.

In its forecast, Unioil said motorists should expect fuel prices to go down this week.

“Diesel prices should go down by P0.05 to P0.15 and gasoline by P0.40 to P0.50,” it said.

This would follow the fuel price hike implemented last week. 

Petron Corp. said it will reduce gasoline prices by P0.30 per liter, diesel by P0.10 and kerosene by P0.30 per liter at 6 a.m. on Tuesday.

“These reflect movements in the international market,”

The price cut comes even after the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers, including Russia, announced further production cuts next year.

From the current output reduction level of 1.2 million barrels per day (bpd), OPEC and other allies agreed to implement another 500,000 bpd in the first quarter, Reuters reported.

In the local market, year-to-date adjustments stand at a net increase of P6.82 per liter for gasoline, P3.81 for diesel and P0.94 per liter for kerosene, data from the Department of Energy (DOE) showed.

 

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