More companies cut diesel, hike gas prices

MANILA, Philippines — More oil companies implemented lower diesel and kerosene prices but higher gasoline prices today.

In separate advisories, oil firms announced that gasoline prices would be raised by P0.25 per liter, while the price of diesel was reduced by P0.40 and kerosene by P0.35 per liter.

This is the third consecutive week gasoline prices were increased.

Caltex Philippines said it implemented its price adjustments across fuel products at 12:01 a.m. while Pilipinas Shell Petroleum Corp.’s price changes started at 6 a.m.

Eastern Petroleum, Petro Gazz, PTT Philippines and Total Philippines reduced diesel prices and raised gasoline prices at 6 a.m., while Unioil Philippines adjusted prices at 6:01 a.m.

Phoenix Petroleum Philippines raised gasoline prices today at 6 a.m. It reduced diesel prices by Saturday noon.

Cleanfuel also rolled back diesel prices by P0.40 per liter effective last Saturday.

In the past trading week, global crude prices fell for most of the week due to concerns over the outlook for global economic growth and lower-than-expected decline in US crude stockpiles, Reuters reported.