Diesel, kerosene prices cut; gasoline rates hiked

MANILA, Philippines - Three oil companies have adjusted their pump prices to immediately reflect movements in the world market. Total Philippines Corp., PTT Philippines Corp. and Petron Corp. followed Tuesday’s price movements by other oil companies, namely, a 50-centavo cut in diesel and kerosene and 50-centavo increase in gasoline rates. In separate text messages, Total and Petron said their prices were adjusted at 6 a.m. Tuesday, while PTT only implemented a 50-centavo diesel price cut at 12:01 a.m. on Wednesday. Several oil companies have advised on Monday their price adjustments for the week. Pilipinas Shell Petroleum Corp., Seaoil Philippines, Inc., Chevron Philippines, Inc. and Eastern Petroleum Corp. have earlier adjusted their prices. Shell, Seaoil and Chevron have increased gasoline prices by 50 centavos per liter, while reducing diesel by 50 centavos and kerosene by P1 per liter. Eastern Petroleum, meanwhile, cut diesel prices by 50 centavos but increased gasoline prices by the same amount. All firms adjusted prices at 120:01 a.m. Tuesday. The benchmark Dubai crude average increased by a dollar from last month’s average price of $44 per barrel. Imported gasoline meanwhile surged to $60 per barrel, $8 higher than the January price level, but imported diesel dropped by $4 from last month’s average of $60 per barrel. Pump prices, which peaked at P60 last July, now range at P29-P34.87 per liter for gasoline and P23.80-P30.48 per liter for diesel. — Businessworld