Prices of petroleum products is set for another reduction by up to P2 starting next week, Unioil said Saturday.

On its official Facebook page, Unioil said that from 6 to 12 December, prices of diesel should go down by P1.90 to P2.00 per liter.

For gasoline, Unioil said it should go down by P1.80 to P1.90 per liter.

Kerosene will have a P1.30 to P1.60 per liter decrease.

Net increase still

Data from the Department of Energy stated 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 22 November 2022.

Industry experts said the factors affecting oil price decreases are still due to "slow domestic demand" in China due to the government's stringent Covid-19 restrictions.

But a report from Reuters said China is set to announce an easing of its quarantine protocols in the coming days and a reduction in mass testing, following widespread protests in various cities there.