Metro Manila (CNN Philippines, November 6) — After several weeks of increases, projected cuts in prices of petroleum products next week are expected to give motorists some relief, according to trends noted in the industry.
In its fuel price forecast covering the Nov. 9 to 15 trading week, the Unioil Petroleum Philippines said the price of diesel is expected to be reduced by about ₱0.40 to ₱0.50 per liter.
The pump price for gasoline may also be slashed by ₱0.90 per liter, it added.
Oil firms usually announce price adjustments every Monday, for implementation the next day.
Data from the Department of Energy showed that as of Nov. 2 local fuel companies raised the prices of gasoline by ₱1.10 to ₱1.15 per liter. Prices of diesel, on the other hand, decreased by ₱0.35 to ₱0.40 a liter.
Since the start of the year, gasoline prices have recorded a net increase of ₱21.95 per liter, and diesel by ₱18.10 a liter.
