Diesel, kerosene prices to go down, gasoline prices to go up this week
By Riza Olchondra
Diesel and kerosene prices are being rolled back at pump stations this week starting Tuesday (March 11) but gasoline prices will increase slightly.
Diesel and kerosene prices are being rolled back at pump stations this week starting Tuesday (March 11) but gasoline prices will increase slightly.
Oil prices fell further in Asian trade Friday owing to concerns over soft US economic data and the unfolding crisis in Ukraine.
Local oil companies have hiked prices of fuel products starting Tuesday, to reflect the increases in oil prices abroad.
Oil firms announced their first price hike for the year as fuel demand recovered following three straight weeks of decline.
Gasoline and diesel prices are expected to rise this week after three straight weeks of price rollbacks since the start of the year as demand seems to have finally caught up with supply, according to oil industry sources.
The first oil price adjustment for 2014 rolled back diesel and kerosene prices, reflecting the impact of crude stockpiles in the international market.
Retail prices of liquefied petroleum gas (LPG) grew to as much as P14.30 per kilogram starting on Monday, amid long lines at distribution hubs in Batangas. Tight supply would also lead to price hikes for gasoline and diesel.
Prices of gasoline products might increase by P1 to P1.20 per liter this week, sources said, although calamity areas in the Visayas would likely be spared.
Gasoline and kerosene prices increased on Tuesday (Oct. 22) as fuel product prices recovered for the second straight week — still on strong economic data from China. This was the same trend last week, when fuel prices in the Philippines rebounded from three straight weeks of rollbacks.
Oil firms are implementing mixed changes at the pump Tuesday with a price rollback for gasoline and an increase for diesel amid continuing diplomatic talks in Syria and concerns of demand weakness in the U.S., where a budget standoff shut non-essential government services.
Gasoline dealers have asked the Department of Justice (DOJ) to overturn the dismissal by a Makati prosecutor of its complaint against petroleum giant Chevron Philippines Inc., which it accused of unfairly competing with them by operating its own gasoline stations from 2003 to 2009.
Oil firms are raising gasoline prices and tempering kerosene prices on Wednesday (June 12), amid similar price movements globally. Diesel prices will be unchanged.
