Unioil Philippines and Pilipinas Shell led the latest oil price cuts of P0.10 per liter of gasoline and diesel and P0.15 per liter of kerosene effective from 6 a.m. today, Monday.
“Expect fuel prices to go down next week. Diesel should go down by P0.10 to P0.20 per liter and gasoline should have no change or could go down by P0.10 per liter, Unioil Philippines said in a statement.
Last week, the oil firms cut the price of diesel and gasoline by P0.10 per liter but raised the price of kerosene by P0.10 per liter.
On Aug. 20, the oil firms raised the price of gasoline by P0.35 to P0.50 per liter, diesel by P0.60 to P0.75 per liter, and kerosene by P0.45 to P0.50 per liter.
The year-to-date adjustments in pump prices as of Aug. 27 stood at a net increase of P4.75 per liter of gasoline, P3.35 per liter of diesel and P1.40 per liter of kerosene.
World oil prices declined on Friday due to the approach of Hurricane “Dorian” to the US, which could dampen demand.
Worries over the ongoing US-China trade dispute also continued to affect oil prices
Prices at the world market plunged after China announced new tariffs on US goods, including crude oil, thus raising fears of an economic recession.
The Energy department says the oil market is on a near-term supply deficit despite the growing supply in the global economy and stagnant oil demand. The department says this is due to the combination of the Organization of Petroleum Exporting Countries supply cuts, supply disruptions in Iran and Venezuela and a US slowdown.