MANILA, Philippines — Oil companies are reducing diesel and kerosene prices but raising gasoline prices today.
Gasoline prices were raised by 40 centavos per liter while diesel prices were reduced by 10 centavos and kerosene by 45 centavos per liter.
This is the ninth consecutive week of reduction for diesel and kerosene. Meanwhile, the gasoline price hike came after eight successive weeks of rollback.
Caltex, Eastern Petroleum, Flying V, Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines Inc., PTT Philippines Corp. and Seaoil Philippines Inc. implemented their respective price adjustments at 6 a.m.
Meanwhile, Petron Corp., UniOil Petroleum Philippines Inc. and Total Philippines Corp. have yet to announce their price adjustments.
During last week’s trading, oil prices stabilized at the close after dropping by three percent on Thursday.
This as oil prices jumped by over two percent on Friday as Organization of the Petroleum Exporting Countries (OPEC) members and allies agreed to reduce output to drain global fuel inventories and support the market.
Last week, local fuel companies reduced prices by P2 per liter for gasoline, P2 per liter for kerosene and P2.10 per liter for diesel.
To date, local oil firms have rolled back gasoline prices by around P11.20 per liter, diesel by P10.50 and kerosene by around P9.10 per liter for seven successive weeks.