Oil firms hike, cut prices in various products

MANILA, Philippines - At least three oil firms – Petron Corp., Pilipinas Shell and Seaoil – implemented both an increase and reduction in oil prices yesterday.

The three cut prices of regular gasoline by 35 centavos per liter but increased prices of premium gasoline and kerosene by 20 centavos per liter.

Isla LPG and Total Philippines said they would increase prices of liquefied petroleum gas by P7 per kilogram or P77 per 11-kg cylinder starting at 6 a.m. today.

There were no adjustments in diesel prices.

“World oil prices fell last week as concerns over the eurozone debt crisis offset Middle East supply worries and positive economic data out of raw materials-hungry China,” the Department of Energy (DOE) said.

“With the recent increase in [premium] gasoline, the year-to-date net increase rose to 63 centavos per liter, while diesel remained at a net decrease of P2.08 per liter,” it added.

Oil firms raised premium gasoline prices by P1.80 per liter and regular gasoline by P1.65 per liter last week. Prices of diesel also gained by P1 to 1.20 per liter.

Under the Downstream Oil Industry Deregulation Act of 1998, oil firms can determine the price of their products based on market forces to encourage competition.