Diesel prices going down; gasoline up

MANILA, Philippines — Oil companies are set to roll back the price of diesel and raise the prices of gasoline this week.

In separate advisories, Petron and Clean Fuel said they would implement a P0.30 per liter price cut in diesel, while the price of gasoline will go up by P0.80 per liter.

Petron added that the price of kerosene will also go down by P0.20 per liter.

“These reflect movements in the international market,” Petron said.

In addition, Petro Gazz said it would roll back the price of diesel by P0.15 per liter and increase the price of gasoline by P0.85 per liter this week. Petron and Petro Gazz will implement the price adjustments on Tuesday at 6 a.m.

Meanwhile, Clean Fuel said it has already implemented the rollback in diesel starting 4 p.m. yesterday. It added that the increase in gasoline prices would be effective on Wednesday.

Other oil companies have yet to issue price advisories as of writing.

In an earlier fuel forecast for Nov. 19 to 25, Unioil Petroleum Philippines said the prices of diesel should go down by P0.25 to P0.30 per liter. This will be the fifth straight week of reduction on diesel prices.

It added that gasoline prices are expected to rise by P0.80 to P0.90 per liter. This will be the second week increase for gasoline prices.

Last week, a majority of oil companies implemented an increase of P0.85 per liter for gasoline and a cut of P0.15 per liter for diesel. Both Pilipinas Shell Petroleum Corp. and Petro Gazz announced a hike of P0.80 per liter for gasoline.

Oil futures rose nearly two percent on Friday, according to a report by Reuters, driven by optimism for a US-China trade deal. However, this was tapered by increasing crude supplies.

Brent crude gained $1.02, or 1.6 percent at $63.30 a barrel, while West Texas Intermediate crude rose 95 cents, or 1.7 percent at $57.72 a barrel.