Gas prices up P1.15/liter; diesel higher by 75¢

MANILA, Philippines - As expected, oil firms yesterday greeted the New Year with an announcement of another oil price hike of P1.15 per liter for gasoline and 75 centavos per liter for diesel.

Oil firms also raised kerosene prices by 60 centavos per liter, the companies said in their respective advisories.

Pilipinas Shell Petroleum Corp. said it raised prices effective 6 a.m. yesterday also by P1.15 per liter for gasoline and 75 centavos for diesel.

Similarly, Petron Corp., the country’s biggest oil refiner, said in its advisory that it raised the prices of its Blaze, XCS, Xtra and Super gasoline by P1.15 per liter and 75 centavos per liter for Diesel Max and Turbo Diesel.

Petron Corp. also raised prices of kerosene by 60 centavos per liter effective 6 a.m. yesterday.

Chevron Philippines, which sells the Caltex brand, also raised prices by P1.15 per liter for gasoline, 75 centavos per liter for Diesel Max and 60 centavos per liter for kerosene.

Oil firms said the latest adjustments reflect prices in the global crude market.

Prior to their New Year announcement, oil firms also raised prices on Christmas Eve, raising diesel prices by 10 centavos per liter although they rolled back the prices of kerosene at the time and kept gasoline prices unchanged.

With the latest price hike, retail prices of petroleum products are now at a range of P50.30 per liter to P55.45 per liter for gasoline and P42.10 per liter to P46.50 per liter for diesel, based on the energy department’s latest price monitoring report.