LOCAL oil firms cut gasoline prices but raised diesel prices as trading turned volatile amid clashes between oversupply and lobbying on price controls.
Petron, Shell and Seaoil reduced the price of gasoline by 70 centavos per liter, but at the same time increased the price of diesel and kerosene by 95 centavos and P1.05 per liter, respectively, effective at 6 a.m. today (Tuesday).
Phoenix Petroleum, Eastern Petroleum Corp. and PTT Philippines likewise slashed the price of gasoline by 70 centavos per liter and raised the price of diesel by 95 centavos also effective 6 a.m. Tuesday.
Eastern Petroleum chair and CEO Fernando L. Martinez said the latest price adjustment reflects the trend in oil prices in the world market.
Other oil firms such as Flying V had not made formal announcements as of press time but were expected to make similar adjustments.
Since the start of the year, prices have come down by P1.85 per liter for gasoline, P1.20 per liter for diesel and P1.05 per liter for kerosene.
There is a deep oversupply situation in the market, according to Energy Secretary Zenaida Monsada.
Oil prices are still relatively low, with the benchmark Brent crude hovering around the $30 to $35 per barrel range, despite occasional spikes brought about by production jitters, transport security concerns along trade routes, and even positive economic data in large consuming economies such as the US and China. Riza T. Olchondra