Oil prices rolled back anew this week

MANILA, Philippines — Oil companies have set another round of minimal price cuts this week as international prices posted losses in the past trading week.

In its forecast, Unioil said motorists should expect fuel prices to go down again this week.

“Diesel should go down by P0.20-P0.30. Gasoline should go down by P0.10-P0.15,” the oil firm said.

Meanwhile, Cleanfuel said it would rollback gasoline prices by P0.10 per liter and diesel by P0.25 per liter starting 4:01 p.m., today.

Petron Corp. said it would implement a price cut of P0.10 per liter for gasoline, P0.25 per liter for diesel and P0.10 per liter for kerosene effective 6 a.m. on Tuesday.

“These reflect movements in the international oil market,” Petron said.

During the past trading week, global oil prices fell for most of the week following a hike in crude inventories in the United States and as the trade war weighed on prices, Reuters reported.

In the previous week, local oil firms implemented reductions of P0.10 per liter on gasoline and P0.45 per liter on diesel.

These drove year-to-date adjustments to stand at a net increase of P5.51 per liter for gasoline, P3.57 per liter for diesel and P0.96 per liter for kerosene, based on Department of Energy data.