Oil prices to go down this week

MANILA, Philippines — Fuel products are set for another round of price cuts this week.

In its forecast, Unioil said diesel should go down by P1.10 to P1.20 per liter while gasoline should go down by P0.90 to P1.00 per liter.

Global oil prices fell for the fourth straight week last week, with the Brent crude dropping below $80 per barrel amid surging COVID-19 cases in Europe, Reuters reported. Prior to the upcoming price changes, year-to-date adjustments stand at a net increase of P20.05 per liter for gasoline, P17.50 per liter for diesel and P15.09 per liter for kerosene, data from the Department of Energy showed.