Oil prices to go down

MANILA, Philippines — Oil companies are set to implement minimal price cuts this week.

In its forecast, Unioil Philippines said diesel prices should go down by P0.20 per liter while gasoline should go down by P0.30 per liter.

This would be the second consecutive week of price cuts on pump products.

Prior to the upcoming price changes, year-to-date adjustments were at a net increase of P13.25 per liter for gasoline, P10.40 per liter for diesel and P8.70 per liter for kerosene.

Last week, Reuters reported that the International Energy Agency (IEA) said the spread of the Delta variant of the coronavirus would slow the recovery of global oil demand, enough reason to pull down global prices in the past trading week.