Gas, kerosene prices up today

MANILA, Philippines - Gasoline and kerosene prices will go up today as international oil prices continued to increase following producers’ agreement to cap production.

The peso’s weakness against the US dollar also pushed local pump prices higher.

In an advisory, SeaOil Philippines said it would raise gasoline and kerosene prices by 25 centavos and 15 centavos per liter, respectively, starting at 6 a.m.

Eastern Petroleum Corp., Phoenix Petroleum Philippines and PTT Philippines Corp. said their gasoline prices would increase by 20 centavos per liter.

Flying V implemented similar price adjustments across fuel products ahead of the other oil firms.

Other oil players such as Petron Corp., Pilipinas Shell Petroleum Corp., Total Philippines Corp. and UniOil Petroleum Philippines Inc. have yet to make an announcement but are expected to implement similar price hikes.

There are no price movements for diesel, the oil companies said.

Melita Obillo, Department of Energy (DOE) Oil Industry Management Bureau director, said the latest price adjustment was due to the reaction of the market to the production freeze by the Organization of the Petroleum Exporting Countries and non-OPEC members.

Gasoline prices range between P40.30 and P49.90 per liter based on the latest oil monitoring of the DOE.

Diesel prices remain between P28.40 and P34.30 per liter.