Danessa Rivera (The Philippine Star)
- July 21, 2019 - 12:00am
MANILA, Philippines — Local oil
companies are expected to reduce pump prices this week, according to a gas
company.
In its weekly forecast, Unioil
Petroleum Philippines said motorists should expect minimal price cuts on
Tuesday.
“Diesel should go down by P0.20 -
P0.25. And gasoline should go down by P0.30,” it said.
Global oil prices have declined in
the past trading week.
One of the reasons for lower
international oil prices is the rising concern over the expected slowdown of
China’s economy.
Easing tensions between the US and
Iran as stated by President Donald Trump slashed oil prices by $1 per barrel,
while the return of oil production in the Gulf of Mexico further dragged prices
down by 2.5 percent.
However, at the close of the trading
week, oil prices picked up as tensions spiked again in the Middle East after
the US said it had destroyed an Iranian drone in the Strait of Hormuz, a major
chokepoint for global crude flows, Reuters reported.
Last week, oil companies raised
gasoline prices by P1.05 per liter, diesel prices by P0.70 per liter and
kerosene by P0.70 per liter.
Latest Department of Energy (DOE)
data showed year-to-date adjustments stand at a net increase of P5.15 per liter
for gasoline, P3.30 per liter for diesel and P1.75 per liter for kerosene.
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