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Gasoline prices up anew; diesel, kerosene down

MANILA, Philippines - Oil companies will increase gasoline prices but will reduce diesel and kerosene prices today amid volatility in the international oil market.

In separate advisories, Pilipinas Shell Petroleum Corp. and SeaOil Philippines Inc. said gasoline prices would go up by 20 centavos per liter. Prices of kerosene and diesel will be slashed by 15 centavos and 10 centavos, respectively.

Eastern Petroleum Corp., Phoenix Petroleum Philippines Inc., PTT Philippines Corp. and UniOil Petroleum Philippines Inc. will implement similar price adjustments for gasoline and diesel.

Crude prices dropped in midweek trading as data showed higher US production but eventually rose by the end of the week as the dollar fell and US drillers cut rigs, Reuters reported.

Locally, the peso continued to depreciate against the dollar, closing the week at P51.49 to $1 last Friday.

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