Gas prices up slightly; diesel, kerosene down

MANILA, Philippines — Oil companies have implemented mixed price adjustments on fuel products today.

In separate advisories, oil firms announced a price hike of P0.25 per liter on gasoline while diesel prices would be reduced by P0.10 per liter and kerosene by P0.40 per liter.

Chevron Philippines (Caltex) and Cleanfuel implemented their price adjustments starting 12:01 a.m.

Flying V, PetroGazz, Phoenix Petroleum, Pilipinas Shell Petroleum Corp. and PTT Philippines said their price movements were effective 6 a.m.

In the world market, international oil prices started the trading week on a weak note as hopes for a US-China trade deal faded, which raised uncertainties for global economic growth and oil demand, Reuters reported.

But on Thursday, oil prices gained ground as the Organization of Petroleum Exporting Countries (OPEC) vowed to decide by December on its plan to further cut production to balance the market.

Last week, local oil firms implemented reductions of P0.80 per liter on gasoline, P1 per liter on diesel and P1.15 per liter on kerosene.

Following these adjustments, year-to-date adjustments stand at a net increase of P5.61 per liter for gasoline, P4.22 per liter for diesel and P1.61 per liter for kerosene, latest Department of Energy data showed.