Gasoline prices up; diesel, kerosene down today

MANILA, Philippines - Oil companies raised gasoline prices but reduced those of diesel and kerosene effective today, citing volatility in global markets.

This is the sixth consecutive week that gasoline prices rose while diesel and kerosene prices dropped after five successive weeks of increases.

In separate text advisories yesterday, Pilipinas Shell Petroleum Corp. and SeaOil Philippines Inc. said pump prices would go up starting 6 a.m. today. Gasoline prices increased by P0.45 per liter while kerosene and diesel prices decreased by P0.10 per liter.

Eastern Petroleum Corp., Phoenix Petroleum Philippines Inc. and PTT Philippines Corp. announced the same price adjustments on gasoline and diesel products also effective 6 a.m.

In a separate advisory, Flying V said the same price adjustments for its products started at 12:01 a.m.

UniOil Petroleum Philippines Inc., on the other hand, said its price changes would take effect at 6:01 a.m.

Prior to this week’s price adjustments, diesel ranged from P26.63 to P34.85 per liter while gasoline from P38.95 to P49.76 per liter.

In the international scene, oil prices swung in volatile trading last week. At the end of the week, global benchmark Brent futures settled at $52.10 a barrel, Reuters reported.

The peso also weakened further against the dollar, touching the P51-to-$1 level before it closed at P50.98 last Friday.