Oil prices to go down this week

MANILA, Philippines — Minimal price rollbacks are set this week as international prices continue to drop.

In its forecast, Unioil said motorists should expect the price movement with diesel lowering by P0.10 to P0.15 and gasoline by P0.45 - P0.50 per liter.

Oil prices declined towards the close of the trading week due to concerns about a weak demand outlook.

Last week, local oil firms implemented reductions of P0.25 per liter on gasoline, P0.10 per liter on diesel and P0.25 per liter on kerosene.

These drove year-to-date adjustments to stand at a net increase of P5.61 per liter for gasoline, P4.02 per liter for diesel and P0.96 per liter for kerosene, the latest Department of Energy (DOE) data showed.