The price of gasoline and diesel at the pump are expected to move sharply lower next week, as international crude oil prices continue to fall amid concerns the weakness of the global market will further drag down global demand.
State-refiner C-P-C is likely to announce a 0.1 N-T cut per liter to gasoline prices and a 1.1 N-T per liter cut in diesel prices for next week.
C-P-C calculates its fuel prices based on a weighted oil price formula (which is) comprised of 70-percent Dubai crude and 30-percent Brent crude.