Slight adjustments seen in pump prices

MANILA, Philippines — Oil companies are expected to implement a rollback in the price of diesel and an increase in the price of gasoline this week.

In a fuel forecast, Unioil Petroleum Philippines said motorists should expect a P0.10 to P0.20 per liter increase in the price of gasoline this week, Aug. 25 to 31.

Diesel prices, on the other hand, are forecast to go down by P0.20 per liter.

This comes after a week of increases in the prices of both gasoline and diesel.

Last week, oil firms implemented a P0.60 per liter increase on the price of gasoline and a P0.10 per liter rise in the price of diesel.

No changes were made in the prices of kerosene.

Oil prices fell by one percent Friday on the back for COVID-19 worries and rising crude supply concerns, Reuters reported.

Brent crude futures dropped 1.2 percent to $44.35 a barrel while the US West Texas Intermediate crude futures settled at $42.34 a barrel, falling by 1.1 percent.

On a weekly basis, Brent fell by one percent, while WTI rose by nearly one percent.