Gas price down; diesel, kerosene up today

MANILA, Philippines — Oil companies are slashing gasoline prices but will jack up diesel and kerosene prices today.

In separate advisories, oil firms said they will reduce gasoline prices by P1.70 per liter, while raising diesel and kerosene prices by P1.20 per liter and P2.45 per liter, respectively.

The price adjustments come after gasoline prices were raised by P3.95 per liter last week and two consecutive weeks of price cuts on diesel and kerosene.

In the past trading week, global oil prices ended higher ahead of the US Memorial Day holiday weekend, which is the start of peak US demand season, and as European nations negotiate over whether to impose an outright ban on Russian crude oil, Reuters reported.