Rollback in gasoline, diesel seen this week

MANILA, Philippines — Motorists can expect lower prices of fuel products this week as oil companies are seen to implement rollbacks in the prices of gasoline and diesel.

In a fuel forecast for Sept. 8 to 14, Unioil Petroleum Philippines said the price of diesel is expected to go down by P0.40 to P0.50 per liter while the price of gasoline is also seen to decline by P0.30 to P0.50 per liter this week.

This comes after a week of mixed price adjustments for diesel and gasoline.

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

The price of kerosene also declined by P0.10 per liter.

In the last week of trading, oil prices posted its largest weekly decline since June on the back of fears of weak oil demand due to the slow economic recovery from the COVID-19 pandemic, Reuters reported.

On Friday, Brent crude LCOc1 fell by 3.2 percent to $42.66 a barrel while the US West Texas Intermediate (WTI) CLc1 slid 3.9 percent to $39.77 a barrel.

This resulted in a 5.3 percent weekly drop for Brent and a 7.4 percent decline for WTI.