Oil prices seen to go down next week

MANILA, Philippines — Fuel prices are expected to go down next week by up to P0.60 per liter.

According to a forecast by Unioil, the price of diesel is expected to go down by P0.50 to P0.60 per liter, while gasoline is expected to go down by P0.40 to P0.50 per liter.

This will be the fifth consecutive week that diesel prices have gone down, following a slash of P1.25 per liter this week due to movements in the international market.

The forecasted rollbacks for diesel and gasoline will peg the net increase of diesel between P30.15 to P30.05 and of gasoline between P16.10 to P16.

Should the price cuts continue, the total rollback for diesel and gasoline since Sept. 6 may reach between P8.90 to P9 per liter and between P5.10 to P5.20 per liter, respectively. — Xave Gregorio with reports from The STAR/Richmond Mercurio