The country’s oil firms implemented a mixed price movement effective 6 a.m. Tuesday, with gasoline and kerosene prices going up and diesel costs going down.
The oil firms hiked prices by P0.30 per liter for gasoline and P0.10 per liter for kerosene, but rolled back the price of diesel by P0.40 per liter.
“Petron will implement the following price adjustments effective 6 a.m. on April 18: P0.30/li increase for gasoline; P0.40/li rollback for diesel and P0.10/li increase for kerosene. These reflect movements in the international oil market,” Petron Corp. said in its advisory.
Chevron Philippines, Jetti Petroleum, PetroGazz, Seaoil Philippines, Cleanfuel and PTT Philippines also adjusted pump prices.
The move followed reports from the Vienna-based Organization of Petroleum Exporting Countries that there may be some risks to summer oil demand despite the production cut announced by OPEC and Saudi of 1.16 million barrels per day to boost prices.
On April 11, oil companies implemented a per-liter increase of P2.60 for gasoline, P1.70 for diesel and P1.90 for kerosene.
These resulted in a year-to-date net decrease for diesel at P1.95 per liter and kerosene at P3.45 per liter.
Gasoline on the other hand, has a net increase of P8.65 per liter.
