Fuel pump prices expected to drop anew this week

·1 min read

THE pump prices of petroleum products are expected to slightly drop anew in the coming week.

In its fuel forecast for July 26 to August 1, Unioil Philippines said diesel is forecast to go down by P1.80 to P2 per liter, while gasoline should go down by P0.30 to P0.50 per liter.

Oil companies usually announce price adjustment every Monday, to be implemented on the following day.

Effective Tuesday, July 19, fuel firms slashed gasoline prices by P5 per liter and diesel by P2 per liter.

The latest price movements brought the year-to-date total adjustments to stand at a net increase of P19.30 per liter for gasoline and P34.80 per liter for diesel.

Fuel prices are expected to continue their downtrend if the US Federal Reserve hikes its interest rates aggressively, as the move could temper economic activity or lower demand, which will eventually lower commodity prices.

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