Diesel prices up, gasoline down slightly

MANILA, Philippines — Oil companies are implementing mixed price adjustments in fuel products starting today.

In an advisory, Petron Corp. said it will implement a P0.25 per liter rollback in the price of gasoline. Diesel prices, on the other hand, will increase by P0.25 per liter.

Similarly, the price of kerosene will go up by P0.20 per liter. “These reflect movement in the international oil market,” Petron said.

It added that it will implement the price adjustments starting at 6 a.m. today.

Other oil firms implementing the price changes at 6 a.m. today are Flying V, SeaOil, Petro Gazz, PTT Philippines, Phoenix Petroleum and Pilipinas Shell.

Cleanfuel said it will impose the changes at 4:01 p.m. today.

This is the third consecutive week of mixed price adjustments for fuel products. Last week, oil firms implemented a P0.45 per liter increase in the price of diesel and a P0.10 per liter rollback for gasoline.

The price of kerosene also increased by P0.55 per liter.

On Friday, global oil prices declined as the US and Europe saw spikes in COVID-19 infections, Reuters reported.

Brent crude futures LCOc1 fell $0.23 to settle at $42.93 a barrel, while US West Texas Intermediate (WTI) crude futures dropped $0.08 to settle at $40.88 a barrel.

On a weekly basis, Brent rose 0.2 percent, while WTI gained 0.7 percent.