Fuel prices to go down this week

MANILA, Philippines — Another round of rollbacks in the prices of fuel products are expected this week. In a fuel forecast, Unioil Petroleum Philippines said the price of gasoline is seen to go down by P0.90 to P1.00 per liter this week.

Similarly, the price of diesel is expected to drop by P1.50 to P1.60 per liter. This will be the second week of rollbacks should the price adjustments be implemented.

Last week, oil companies implemented a P0.30 per liter drop in the price of gasoline and a P0.45 per liter decrease in the price of diesel.

The price of kerosene also declined by P0.55 per liter.

Oil prices ended lower again in the last week of trading as stockpiles rise and demand continues to weaken, Reuters reported.

The Brent LCOc1 ended the Friday session down 23 cents, or 0.6 percent, at $39.83 a barrel while the US crude CLc1 settled up 3 cents at $37.33 a barrel.

On a weekly basis, both Brent and US crude lost about 6 percent.