Oil firms cut diesel, raise gas prices

MANILA, Philippines - Petroleum companies continued to cut prices of diesel and kerosene products, but raised gasoline rates following the movement in international crude oil prices.

Among major oil companies, Pilipinas Shell Petroleum Corp. took the lead in the announcement of price adjustments.

Effective 6 a.m. today, Shell rolled back the price of diesel by 15 centavos per liter, kerosene by 25 centavos while gasoline price was raised by 10 centavos per liter.

Phoenix Petroleum Philippines Inc. and PTT Philippines Corp. also implemented similar price adjustments on diesel and gasoline products.

Ahead of other oil firms, Eastern Petroleum Corp. slashed diesel prices by 15 centavos per liter at 6 p.m. yesterday, but raised gasoline rates by 10 centavos per liter.

Eastern Petroleum chairman and CEO Fernando Martinez attributed the latest price adjustment to the continued downward trend of prices in the world oil market.

“Analysts also point out that oil companies around the world are again being forced to cut spending, sell assets, shed jobs and delay projects as the oil slump shows no sign of recovery,” he said.

Other oil firms have yet to announce their respective price movements.

Prior to this week’s price adjustment, government oil monitoring showed diesel prices ranged between P20.55 and P23.95 per liter while gasoline ranged from P33.20 to P40.65 per liter.

In 2015, adjustments for gasoline totaled a net decrease of 80 centavos per liter while diesel registered a net decline of P7.14 per liter.