Another oil price rollback set

MANILA, Philippines — Pump prices are set for another week of price reduction as the new COVID-19 variant spooked global markets.

In its forecast, Unioil said diesel should go down by P0.50 to P0.60 per liter while gasoline should go down by P1 to P1.10 per liter this week.

Global oil prices plunged to their biggest drop since April 2020 over concerns on the new variant of COVID-19, Reuters reported.

Prior to the upcoming price changes, year-to-date adjustments stand at a net increase of P19.20 per liter for gasoline, P16.30 per liter for diesel and P13.69 per liter for kerosene, data from the Department of Energy showed.