Oil firms to hike diesel prices

MANILA, Philippines - Oil companies are expected to raise the prices of diesel by P0.20 to P0.25 per liter this week but no movement is expected for gasoline, PTT Philippines said yesterday.

PTT Philippines, the local subsidiary of Thailand’s biggest oil company, said in its advisory that the hike in diesel prices is due to continuing cold winter in the United States which affects supply.

In its latest oil price monitoring report, the Department of Energy (DOE) noted that in the Asian market, views on prices are mixed, with some traders saying that the market is well supplied, while others cite tightening ahead of the refinery maintenance as the reason behind higher prices.

According to the DOE’s Feb. 18 report, diesel prices ranged from P41.75 per liter to P46.35 per liter, while gasoline prices ranged from P50.20 per liter to P56.55 per liter.

Auto-LPG prices ranged from P35.09 per liter to P38.85 per liter, while prices of LPG or cooking gas ranged from P699 to P896 for an 11-kilogram cylinder.

The last time oil companies jacked up local petroleum prices was on Feb. 18, the third consecutive week of price hikes after three successive weeks of price cuts.

At the time, gasoline prices increased by P1 per liter, P0.40 per liter for diesel, and P0.25 per liter for kerosene.