Manila, Philippines — With the sudden drop in global oil prices, Filipino customers will enjoy another wave of rollback in petroleum products in the next week according to the forecast by Unioil Petroleum Philippines.
As per forecast by Unioil for August 24-30, the price per liter of diesel will be reduced by P0.70 to P0.75. On the other side, Gasoline prices are expected to fall between P0.90 and P1.00 per liter.
As a result of the new travel restrictions, the price of kerosene, which is the foundation for aviation fuel, would drop by P0.85 to P0.95 per liter.
Every Monday, oil firms generally announce price adjustments that will take effect the following morning.
The Year-to-date adjustments in fuel prices resulted in net rises of P13.25 per liter for gasoline, P10.10 per liter for diesel, and P8.30 per liter for gasoline products, according to the Department of Energy (DOE) monitoring report.
In last week’s trade, international benchmark Brent crude fell to USD65 per barrel, reversing prior months’ gains of USD70 to USD75 per barrel as demand began to rise.
Fuel costs have been falling in recent weeks as a growing number of nations have re-imposed movement restrictions and severe lockdowns in response to the continuous rise in Covid cases, which has harmed not only business activiites but also civilian mobility.
The oil companies’ second-quarter profits showed ‘green shoots of recovery from last year’s massive losses, but the Delta variant-induced surge in cases has put more doubt on their sales prospects.
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