Metro Manila (CNN Philippines, April 22) – Fuel prices are expected to go down next week, Unioil Petroleum Philippines said Saturday.
In its advisory, Unioil said diesel prices will decrease by ₱0.60 to ₱0.70 per liter while gasoline prices are expected to be cut by ₱1.40 to ₱1.50 per liter.
Department of Energy-Oil Industry Management Bureau (DOE-OIMB) Director Rino Abad on Friday said the fuel price rollback may be due to increasing global oil inventory.
He also cited doubt in the ability of the Organization of the Petroleum Exporting Countries (OPEC) to deliver the actual production cuts and market sentiment that remained bearish due to weak United States’ economic data as other factors.
The adjustment is expected to take effect from April 25 to May 1.
On Monday, oil companies have implemented mixed price adjustments of a ₱0.30 per-liter price increase for gasoline and ₱0.40 decrease for diesel.
READ: Mixed fuel price adjustments set this week
As of April 18, the Department of Energy’s oil price monitoring showed a year-to-date net decrease in local diesel prices by ₱0.40 per liter. Meanwhile, gasoline had a net increase of ₱0.30 per liter and kerosene have increased by ₱0.10.
