OIL prices are seen to drop by P2 per liter starting Tuesday, August 9, 2022.

In a fuel forecast for August 9 to 15, Unioil Philippines said prices of petroleum could drop by as much as P2.20 per liter.

For diesel, it is expected that prices will go down by P2 to P2.20 per liter.

The price of gasoline will also decrease by P1.90 to P2.10 per liter.

The price of gasoline increased last week by P0.75 per liter, while diesel and kerosine prices decreased by P0.60 and P0.75, respectively.

Industry experts said growing worries about a worldwide economic recession have sparked a further decline in oil prices, which has in turn severely reduced demand for oil.