Oil prices to go down this week
MANILA, Philippines — After three consecutive weeks of increases, oil prices will have minimal price cuts this week.
In its advisory, Unioil Philippines said oil prices are expected to go down this week.
“Diesel should go down by P0.10 to P0.15 per liter. Gasoline should go down by P0.15 to P0.20 per liter,” it said.
The price rollback comes after concerns over increasing COVID-19 cases weighed on demand.
In a report, Reuters said global oil prices retreated from 11-month highs hit last week, weighed down by worries that new pandemic restrictions in China will curb fuel demand by the world’s biggest oil importer.
Last week, local oil players raised gasoline prices by P1 per liter, diesel prices by P1.05 per liter and kerosene prices by P0.95 per liter.
These resulted to the year-to-date adjustments to stand at a net increase of P2.30 per liter for gasoline, P1.65 per liter for diesel and P1.60 per liter for kerosene.
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