Gasoline, diesel prices up

MANILA, Philippines — Oil firms are raising pump prices today, including an increase of over P1 per liter for diesel and kerosene.

In separate advisories yesterday, oil firms said that prices of gasoline would go up by P0.20 per liter, diesel by P1.05 per liter and kerosene by P1.20 per liter.

The adjustments will take effect at 6 a.m. today for most companies, except for Caltex, which implemented the adjustment at 12:01 a.m., and Cleanfuel, which will implement it at 4:01 p.m.

Department of Energy (DOE) Oil Industry Management Bureau director Rino Abad earlier said the upward adjustments in global oil prices were due to the prevailing threat from Saudi Arabia’s pronouncement to cut production by one million barrels per day by July.

This week’s domestic pump price increases, which reflect the movement in the international oil market, come following a slight reduction implemented by oil companies last week.

Last week, oil companies reduced prices of gasoline by P0.35 per liter, diesel by P0.10 per liter and kerosene by P0.30 per liter.

The adjustments resulted in a year-to-date net decrease of P4.05 per liter for diesel and P6.35 per liter for kerosene, based on DOE data.

Gasoline, on the other hand, has a year-to-date net increase of P6.35 liter.