Gas prices down, diesel up this week

MANILA, Philippines — Pump prices of gasoline are poised to slightly go down on Tuesday, but an increase of at least half a peso is set for diesel and kerosene.

In separate advisories, Shell, Caltex and Seaoil announced that gasoline would decline by P0.10 per liter while diesel and kerosene would go up by P0.75 and P0.50 per liter, respectively.

Petro Gazz, Cleanfuel, PTT Philippines and Jetti would apply the same price movements, except for kerosene, which they do not offer.

The Department of Energy attributed the price hike for diesel and kerosene to the positive outlook in fuel demand in the US and the decline in crude and gasoline inventories.

The ongoing tensions in the Middle East and the tightening of supplies in Asia have also exerted upward pressure in domestic pumps, the agency added.

Last week, oil companies implemented an increase of P0.20 per liter for gasoline and P0.50 per liter for both diesel and kerosene.