Oil Price Reduction in the Face of New COVID-19 Variant

Oil prices are set to decrease as the new COVID-19 variant startle the global market. Reuters reported that this global oil price rollback is the biggest one since April 2020. 

Oil prices are set to drop as new COVID variant shocks the global market. | IMG Source: Philippine Star

Unioil is anticipating diesel to drop P0.50 to P0.60 per liter while gasoline will go down P1 to P1.10 per liter this coming week. 

Prior to this drop, the Department of Energy reported a net increase of P13.69 per liter of kerosene, P16.30 per liter of diesel, and P19.20 per liter of gasoline. 

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