Oil companies to slash pump prices this week

MANILA, Philippines — After several weeks of successive price hikes, oil companies are expected to slash pump prices this coming week.

Unioil Philippines said in its forecast that motorists should expect minimal fuel price decreases next week.

“Diesel should go down by P0.40 to P0.50 per liter. Gasoline should go down by P0.10 per liter,” it said.

Prior to this week’s price rollback, gasoline prices increased for five consecutive weeks at a total of P4.05 per liter.

Meanwhile, diesel and kerosene prices were increased for four successive weeks for a total of P4.15 per liter and P3.90 per liter, respectively.

Following several weeks of price hikes, the year-to-date adjustments stand at a net increase of P6.20 per liter for gasoline, P5.70 per liter for diesel and P5.05 per liter for kerosene.