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Oil firms hit the brakes on price cuts

Oil prices may go up by as much as P0.40 per liter this week, ending three consecutive weeks of price rollbacks amid the continuing concerns over the US-China trade war that could decrease the global oil supply.

“Expect fuel prices to go up next week. Diesel should go up by P0.20 per liter and gasoline should go up by P0.30 to P0.40 per liter,” Unioil Philippines said in its weekly forecast.

On June 4, most of the oil companies implemented a price rollback of P1.70 per liter of gasoline, P1.05 per liter of diesel and P1 per liter of kerosene―the third consecutive weekly oil price rollback. 

The International Energy Agency had earlier predicted a decrease in oil demand growth to 1.2 million barrels per day from 1.3 million barrels per day in May due to the continuing trade tensions between the US and China, which could dampen demand.

Analysts believe the trade dispute may lead to an economic slowdown and a reduction in fuel consumption.

Last week, the oil companies also cut pump prices by P1.70 to P1.75 per liter of gasoline, P1.05 per liter of diesel and P1 per liter of kerosene.

On June 4, 2019, most of the oil companies implemented a per-liter price cut of P1.70 per liter of gasoline, P1.05 per liter of diesel and P1 per liter of kerosene.

The year-to-date pump price adjustments now stand at a net increase of P5.50 per liter of gasoline, P4.70 per liter of diesel and P3 per liter of kerosene, according to the Department of Energy.

READ: LPG price rollback: Petron sets big-time cuts

Topics: Oil prices , diesel , gasoline , Unioil Philippines
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