Fuel prices expected to go down next week –Unioil

Oil industry player Unioil Petroleum Philippines, Inc. announced on Saturday that fuel prices were expected to go down by Tuesday next week (December 6-12, 2022).

In a Facebook post, Unioil said diesel prices should go down by P1.90 to P2.00 per liter and gasoline by P1.80 to P1.90 per liter.

Meanwhile, sources in the oil industry said the price rollback for both gasoline and diesel would range from P1.80 to P2.20, which is within the projections previously announced by the Department of Energy.

The DOE earlier said the downward movement of oil prices was influenced by COVID-19 lockdown measures in China, high crude oil inventories, and interest rate hikes in the United States.

The latest data from the DOE said that total year-to-date adjustments stood at a net increase of P17.75 per liter for gasoline, P33.85 per liter for diesel, and P27.85 per liter for kerosene as of November 22, 2022. — DVM/VBL, GMA Integrated News