The pump prices of petroleum products are expected to decrease this week.
Oil companies estimated the rollback in the prices of diesel between P2 to P2.20 per liter, gasoline by P1.90 to P2.10 per liter, and kerosene by P2.50 to P2.75 per liter.
The exact price decrements will be known Aug. 8.
The prices of diesel also went down by P0.60 per liter and kerosene by P0.75 per liter, respectively, last week, although gasoline increased by P0.75 per liter.
The adjustments resulted in the net increase of P19.65/liter for gasoline, P32.35/liter for diesel, and P27.30/liter for kerosene, since the start of the year.
Crude prices were down as COVID-19 cases increased in China amid no relaxation in restrictions, coupled with a counter seasonal build in gasoline inventories in the US, the Department of Energy Oil Monitor showed, adding that “fresh concerns of recession had put downward pressure on the market as the US Federal Reserve hiked its target Fed funds rates”./CGC
