Gasoline prices up; diesel down

Oil firms are set to raise the prices of gasoline and roll back those for diesel tomorrow.

In separate advisories, a majority of oil companies said yesterday they would implement an increase of P0.85 per liter for gasoline and a cut of P0.15 per liter for diesel on Nov. 12.

Pilipinas Shell Petroleum Corp. and PetroGazz, on the other hand, announced a hike of P0.80 per liter for gasoline. Prices of kerosene will also decrease by P0.10 per liter.

“These reflect movements in the international oil market,” Petron said.

In an earlier advisory, Unioil said it expects gasoline prices to increase by P0.80 to P0.90 per liter, while diesel should go down by P0.10 to P0.20.

Petron, PetroGazz, Phoenix Petroleum and Shell said they will implement the price adjustments on 6 a.m. on Tuesday.

In contrast, Chevron Philippines Inc. said its price adjustments will be effective on 12:01 a.m.

This would be the fourth straight week of reduction on diesel. Gasoline price hikes, meanwhile, would come after three successive weeks of rollback.

Global oil prices were down for most of the trading week but Brent crude jumped to $62 per barrel on Thursday as China hinted at progress in its trade talks with the US, Reuters reported.

In the previous week, local oil firms implemented reductions of P0.10 per liter on gasoline, P0.25 per liter on diesel and P0.10 per liter on kerosene.

These drove year-to-date adjustments to stand at a net increase of P5.06 per liter for gasoline, P3.67 per liter for diesel and P0.86 per liter for kerosene, based on data of the Department of Energy.