Gasoline prices up, diesel prices down

MANILA, Philippines - After several weeks of price cuts, oil companies yesterday announced adjustments in the prices of local petroleum products.

In separate advisories, the country’s petroleum players announced a cut in diesel prices by 20 centavos per liter and an increase in the price of gasoline by 15 centavos per liter.

Pilipinas Shell Petroleum Corp. was the first to issue an announcement, followed by Phoenix Petroleum Philippines, an independent oil player, and Petron Corp., the country’s biggest oil refiner.

“Phoenix Petroleum Philippines will decrease the price of diesel by P0.20 per liter and increase the price of gasoline by P0.15 per liter effective 6 a.m. Sept. 23, 2014 to reflect the movements in the prices of refined petroleum products in the international market,” the company said in its advisory.

Petron said it would implement the following price adjustments effective 12:01 a.m. yesterday: 20 centavos per liter cut in diesel prices, 25 centavos per liter cut in kerosene and an increase of 15 centavos per liter for gasoline.

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

The latest oil price monitoring report of the Department of Energy (DOE) shows global crude oil prices on mixed trade over the week on reports of upbeat US data and signs of slowing economic growth in China and Europe. It also cited news of high inventories and weak demand that created a glut of crude in the Atlantic basin and Asia.

“In Asia, Platts noted  little change in gasoline market, with fundamentals tracking developments in the US and Europe and prompt regional demand. Stocks of light distillates in regional trading hub Singapore reportedly fell by 1.7 percent week on week to 11.002 million barrels, trade data released by government agency IE Singapore,” the DOE said.