Gasoline prices up, but diesel prices down

LOCAL oil firms implemented mixed fuel price adjustments this week amid increased market volatility as members of the Organization of Petroleum Exporting Countries (Opec) remain divided on how to respond to the continued drop in oil prices.

In separate announcements, major oil firms Petron and Shell raised the price of gasoline by 20 centavos per liter, but lowered the prices of kerosene by 15 centavos per liter and diesel by 10 centavos per liter effective 6 a.m. today.

Seaoil, one of the larger minor oil companies, likewise announced similar price adjustments effective also today.

Phoenix Petroleum Philippines, PTT Philippines and Unioil reduced the price of diesel by 10 centavos per liter and increased the price of gasoline by 20 centavos per liter starting 6 a.m. today.

Eastern Petroleum slashed the price of diesel by 15 centavos per liter at 6 p.m. yesterday, but increased the price of gasoline by 15 centavos per liter at 6 a.m. today.

“The market is still oversupplied, unless Opec and non-Opec oil producing countries find a way to cut their production in unison, we will continue to see lower crude oil prices,” Eastern Petroleum chair and CEO Fernando L. Martinez said via text message.

Nigeria has joined mounting calls from some members of the Opec to stop the price freefall of oil.

In a visit to Qatar last week, Nigerian President Muhammadu Buhari called on fellow Opec members and non-Opec members alike to do something, adding that the continued fall of oil prices was “unsustainable and totally unacceptable.”