Diesel prices to go down, gasoline to go up
MANILA,Philippines — Oil companies are expected to roll back prices for diesel and raise those of gasoline this week.
In a fuel forecast for Nov. 19 to 25, Unioil Petroleum Philippines said the prices of diesel should go down by P0.25 to P0.30 per liter. This will be the fifth straight week of reduction on diesel prices should the adjustments be implemented.
Gasoline prices, on the other hand, are expected to rise by P0.80 to P0.90 per liter.
This will be the second week increase for gasoline prices.
Last week, majority of oil companies implemented an increase of P0.85 per liter for gasoline and a cut of P0.15 per liter for diesel.
Pilipinas Shell Petroleum Corp. and PetroGazz announced a hike of P0.80 per liter for gasoline.
Oil futures rose nearly two percent on Friday, according to a report by Reuters, driven by optimism for a US-China trade deal. However, this was tapered by increasing crude supplies.
Brent crude gained $1.02, or 1.6 percent at $63.30 a barrel, while West Texas Intermediate crude rose 95 cents, or 1.7 percent at $57.72 a barrel.
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