Oil firms cut gas, hike diesel prices

Petroleum companies are cutting gasoline prices and raising diesel prices today following the lack of major news in the international oil market last week.

In a text advisory, Pilipinas Shell Petroleum Corp. said it reduced gasoline prices by P0.15 per liter and raised diesel prices by P0.15 per liter start- ing at 6 a.m. today.

Kerosene prices, on the other hand, will have no movement this week, Shell said.

SeaOil Philippines Inc. made the same price adjustment on gasoline and diesel products starting at 6 a.m. “to reflect movements in the international petroleum market.”

As of press time, Petron Corp. has yet to make an advisory on its price movements.

In separate advisories, Eastern Petroleum, Phoenix Petroleum Philippines and PTT Philippines rolled back gasoline prices by P0.15 per liter and increased diesel prices by P0.15 per liter starting at 6 a.m.

Unioil Philippines, on the other hand, implemented the same price adjustment effective 6:01 a.m.

Prior to price adjustments, diesel prices ranged from P25.15 to P29.40 per liter while gasoline prices ranged from P36.35 to P43.90 per liter.

In a text message, Department of Energy-Oil Industry Management Bureau director Melita Obillo said there are no specific reasons for this week’s price movement.

She noted, however, that the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members have failed to reach an agreement on a production freeze in their meeting last June 2.