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New drug spurs oil price hike

Oil prices will likely go up this week, and by as much as P0.70 per liter, amid the optimism on a new treatment for the coronavirus disease, a supplier said Sunday.

“Expect fuel prices to go up next week (July 14 to 20). Diesel should increase by P0.30 to P0.40 per liter and gasoline should increase by P0.50 to P0.70 per liter,” Unioil Philippines said in its weekend advisory.

World oil prices went up last week amid optimism that a new drug, Remdesivir, formulated by Gilead Sciences Inc., showed an improvement in clinical recovery and a 62-percent reduction in the risk of mortality.

Gilead Sciences is a research-based biopharmaceutical company that develops and supplies innovative medicines in the areas of unmet medical need.

However, the increasing number of COVID-19 cases remains a cause for concern, as it will continue to affect global oil demand.

Last week, the oil firms implemented a price rollback of P0.65 per liter of gasoline and P0.40 per liter of kerosene, ending eight weeks of consecutive oil price increases. The oil firms did not adjust diesel prices last week.

The total year-to-date adjustments now stand at a net decrease of P5.62 per liter of gasoline, P8.84 per liter of diesel and P13.39 per liter of kerosene, according to the Energy Department.

Topics: oil prices , coronavirus disease , diesel , Gilead Sciences Inc. , Unioil Philippines
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