Oil price to go down next week

MANILA, Philippines — Consumers can expect another round of oil price cuts next week amounting to about P2 per liter.

Unioil Philippines Inc. announced on Twitter that fuel prices are expected to be rolled back again next week.

“Diesel should decrease by P2.00-2.10 per liter while gasoline should decrease by P2.20-2.30 per liter,” it said.

Since Oct. 15, the oil firm said the price of diesel has decreased by a total of P3.10 per liter while gasoline price has decreased by a total of P5.55 per liter.

In a report by Reuters, international oil prices registered another weekly drop in the past trading week on concerns over rising supply and a global economic slowdown.

The report also said US crude has slid by 20 percent since early October.