Oil firms poised to slash prices by P1/l next wk

Oil firms are expected to implement another round of price rollback next week, according to the projection of Unioil Petroleum Philippines.

In its fuel price forecast for the April 12 to 18 trading week, Unioil said gasoline prices may go down by P0.90 to P1.00 per liter while diesel may decrease by P0.20 to P0.30.

On April 5, oil companies reduced the domestic price of gasoline by P2.30 to P2.50 per liter, diesel by P1.85 to P2 per liter, and kerosene by P1.65 per liter.

Oil prices declined after the announcement of the International Energy Agency (IEA) to join the stockpile release following the US decision to let go of one million barrels per day (bpd) of crude oil until May.

Year-to-date adjustments stand at a net increase of P16 per liter for gasoline, P26 per liter for diesel, and P24.10 per liter for kerosene.

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