Gas prices to go down by over P2 per liter
MANILA, Philippines — Massive price cuts are set this week as worries over the Omicron COVID-19 variant sank global prices.
In its forecast, Unioil said diesel should go down by P2.40 per liter while gasoline should go down by P2.30 per liter this week.
Global oil prices dropped at the close of November, the biggest drop since March 2020, as the Omicron variant spooked the market, Reuters reported.
The price decline continued until midweek, before crude prices recovered by one percent as the Organization of Petroleum Exporting Countries, Russia and allies (OPEC+) surprised markets by sticking to its plans to boost output slowly, the wire service added.
Prior to the upcoming price changes, year-to-date adjustments stand at a net increase of P18.10 per liter for gasoline, P15.70 per liter for diesel and P13.19 per liter for kerosene, data from the Department of Energy showed.
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