New round of oil price cuts seen

MANILA, Philippines — Another round of pump price cuts across all oil products are expected next week.

In its price forecast, Unioil said gasoline prices could decrease by P0.60 to P0.75 per liter, while diesel could decline by P1 to P1.20 per liter.

In a radio interview, Department of Energy-Oil Industry Management Bureau director Rodela Romero said global banking concerns continued to be a main driver in the downtrend of global oil prices.

Adding to the downward pressure is the higher global oil inventory and the strengthening of dollar, she said.

In next week’s price adjustment, gasoline prices would continue to have lower prices for two straight weeks.

Meanwhile, diesel and kerosene are set to have three straight weeks of price cuts.

Oil companies will announce the final price movements on Monday to take effect the next day.

Last week, oil firms reduced gasoline prices by P1.20 per liter, diesel prices by P1.85 per liter and kerosene by P2 per liter.