Consumers can expect mixed but minimal movements in pump prices this week due to the movement of prices in the world oil market, a distributor said on Sunday.
Unioil Philippines said diesel prices should go down by P0.20 per liter while gasoline should increase by P0.10 to P0.20 per liter.
On Aug. 18, the oil companies raised the price of gasoline by P0.60 per liter and diesel by P0.10 per liter, but did not touch kerosene prices as the global results in the first half showed better recovery for China (May and June), India (June) and Western Europe.
However, the Department of Energy said in its monitoring report that the growth in the second half would be slower as both China and India, the engines of growth in Asia, had demonstrated a demand decline in July over June.
According to the department’s latest monitoring report, global oil demand is expected to contract by 8.2 million barrels per day in 2020, to 94.3 million bpd from 102.5 million bpd in 2019 due to the impact of the coronavirus pandemic to the global economies.
The total year-to-date adjustments in petroleum prices stand at a net decrease of P4.17 per liter of gasoline, P8.69 per liter of diesel and P13.04 per liter of kerosene.
On Friday, Bloomberg said world oil prices slipped as Europe and Asia faced delayed recoveries that could affect demand.
