Fuel prices to drop anew this week
MANILA, Philippines — Oil companies are expected to slash the prices of gasoline and diesel again this week.
In a fuel forecast for Feb. 11 to 17, Unioil Petroleum Philippines said the prices of diesel should go down by P0.55 to P0.65 per liter.
Gasoline prices, on the other hand, are also expected to go down by P0.20 to P0.30 per liter.
If the forecast is fulfilled, this would be the fifth week that diesel and gasoline prices would be reduced since the start of the year.
Last week, oil companies implement a P1.60 per liter rollback in the prices of gasoline and a P2 per liter decrease on the prices of diesel.
Oil futures remained flat Thursday, according to a report by Reuters.
This was mainly caused by mixed signals from the Organization of the Petroleum Exporting Countries and its partner Russia on possible further output cuts to mitigate the impact of any weakening in global demand due to the coronavirus outbreak.
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