Oil companies to reduce pump prices this week
MANILA, Philippines — Oil firms are rolling back pump prices as concerns over the Omicron variant of the coronavirus lingered.
In its forecast, Unioil said diesel should go down by P0.60 to P0.70 per liter while gasoline should go down by P0.20 to P0.30 per liter this week.
Global oil prices plunged at the start of the past trading week due to concerns that the Omicron variant’s rapid spread could dent fuel demand, Reuters reported.
Oil prices then rose for the next three days on investors’ risk appetite before easing at the close of the week, the wire service said.
Prior to the upcoming price changes, year-to-date adjustments stand at a net increase of P17.85 per liter for gasoline, P14.95 per liter for diesel and P12.39 per liter for kerosene, data from the Department of Energy showed.
- Latest
- Trending
