Gas seen up P1.20 per liter; diesel down
MANILA, Philippines — Diesel prices are expected to be slashed while that of gasoline is set for another big price hike on Tuesday.
In its forecast, Unioil said diesel should go down by P0.20 to P0.30 per liter next week.
However, the oil company projects an increase of P1.10 to P1.20 per liter on gasoline products. This would be the 10th consecutive week of increase for gasoline prices.
In the past trading week, global oil prices continued to reach multi-highs on tight global supply and strengthening fuel demand, Reuters reported.
On Thursday, global prices dipped over concerns about US supply growth and speculation that Iran’s supply could come online following nuclear talks with global powers, the wire service reported.
But Reuters said oil prices rebounded at the close of the week on hopes that the Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC+, would maintain production cuts.
Prior to the upcoming price changes, year-to-date adjustments stand at a net increase of P20.80 per liter for gasoline, P18.45 per liter for diesel and P16.04 per liter for kerosene.
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