DOF: Virus outbreak may keep oil prices low
The spread of novel coronavirus (nCoV) is expected to keep oil prices low due to reduced global demand for travel and transportation.
DOF Undersecretary Gil Beltran stated that the decline in crude oil prices since January could slow inflation.
Oxford Economics noted that the drop in oil prices reflects significant disruption caused by nCoV, reducing fuel demand for travel and transportation.
In the Philippines, January's increase in inflation to 2.9 percent was partly due to higher transport costs and gasoline prices.
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