Oil prices to slightly go down next week

MANILA, Philippines — Local pump prices are expected to slightly go down this week.

In its forecast, Unioil said motorists should expect another round of price cuts this week.

“Diesel should go down by P0.30 to P0.40 and gasoline should go down by P0.25 to P0.35,” it said.

This would be the third price cut for gasoline and diesel prices since the start of the year. Last week, gasoline prices were rolled back by P0.85 to P0.90 per liter and diesel prices by P1.70 per liter. This brought the year-to-date adjustments to stand at a net decrease of P0.95 per liter for gasoline and P1.50 per liter for diesel.

At the start of the past trading week, global oil prices rose as two large crude production bases in Libya began shutting down amid a military blockade, Reuters reported.

But the market shrugged off the Libya crisis, which pulled down prices as the International Energy Agency (IEA) forecasted a market surplus that sparked worries on demand.

Concerns that the spread of a virus from China could lower fuel demand if it stunts economic growth also played a role in the oil price drop this week, Reuters reported.