Mixed oil price movements seen next week

MANILA, Philippines — Oil firms are expected to implement minimal price cuts on fuel products this week.

Unioil Philippines said motorists should expect the prices for gasoline to go down next week, although those of diesel will slightly go up.

“Diesel should increase by P0.10 per liter. Gasoline should go down by P0.20-P0.30 per liter,” it said.

This comes a week after gasoline prices were increased by P0.30 per liter, diesel prices by P0.25 per liter and kerosene prices by P0.30 per liter.

In the past trading week, global oil prices seesawed for most of the week.

On Monday, oil prices edged down due to rising coronavirus cases and tensions between the US and China, which pushed investors toward safe-haven assets.

Oil prices also hit a session low on Thursday as the US economy hit a record decline due to the coronavirus pandemic, Reuters reported.

The US is the world’s biggest economy and oil consumer.

Reuters also reported the lower oil prices was because the surge of coronavirus infections around the globe raised fears that a rebound in fuel demand would sputter just as major oil producers are set to raise output in August.