Oil price to go down this week

MANILA, Philippines — After weeks of price increases, motorists will be able to get a fuel price reduction next week.

Unioil Philippines said minimal price rollbacks are expected on pump products.

Diesel should decrease by 30 to 40 centavos and gasoline should decrease by 5 to 10 centavos per liter, Unioil said.

This comes after seven consecutive weeks of gasoline price hikes and the two successive increases for diesel and kerosene.

At the start of the trading week, international oil prices slipped due to concerns of a sharp economic slowdown. This kept oil prices at bay for most of the week.

However, worries over a cut in Organization of Petroleum Exporting Countries (OPEC) production and US sanctions against Iran and Venezuela pushed crude prices higher by the end of the week.

Last week, local oil firms raised gasoline prices by 65 centavos per liter while diesel and kerosene prices were raised by 10 centavos per liter.