MANILA, Philippines - Petroleum firms will implement varied pump price adjustments today to reflect mixed trading in the international market last week.
Pilipinas Shell Petroleum Corp. reduced gasoline prices by P0.40 per liter and raised diesel prices by P0.55 and kerosene by P0.20 per liter starting at 6 a.m.
SeaOil Philippines Inc. implemented a similar price adjustment “to reflect movements in the international market.”
In separate advisories, Eastern Petroleum, Phoenix Petroleum Philippines and PTT Philippines cut gasoline prices by P0.40 per liter starting 6 a.m. and raised diesel prices by P0.55 per liter.
Petron Corp. has yet to announce its price adjustment.
With this week’s price movement, gasoline prices registered a net increase of P0.70 per liter, diesel by P2.30 and kerosene P1.75 per liter since the start of the year.
Last week, oil prices started lower after the Organization of the Petroleum Exporting Countries and non-OPEC members failed to reach a deal aimed to cut production.
Oil trading ended higher as the global oil market is perceived to improve due to strong gasoline consumption in the US and signs of declining crude production globally.
Prior to the price adjustments, diesel ranged between P21.75 and P25.17 per liter, while gasoline within the P34.30 to P42.39 per liter range.