MANILA, Philippines – Local oil companies will raise prices of diesel by P1 a liter and of kerosene by 50 centavos a liter beginning Monday, to reflect the latest movements in the prices of oil in the global market.
At the same time, Pilipinas Shell Petroleum Corp., Total Philippines, Chevron Philippines, Petron Corp. and Seaoil Philippines will slash prices of regular gasoline by 90 centavos a liter and of premium gasoline by 70 centavos a liter.
Prior to Monday’s adjustments, the price of diesel ranged from P42.05 a liter to P44.50 a liter while gasoline retailed between P51.30 a liter and P58.22. As of October 24, the year-to-date net increase in gasoline and diesel already stood at P7.30 and P5.30 per liter, respectively
According to the oil monitor report of the Department of Energy, oil prices slightly weakened two weeks ago, as investors waited for the upcoming announcement of the broad-based solution to the eurozone debt crisis.
The death meanwhile of the former Libyan leader Moammar Gadhafi and two of his sons did not have any major negative impact on oil price, although this increases the chances of a peaceful new beginning for Libya, the third-largest African oil producer.
Libya was producing about 1.6 million barrels per day of mostly high-value light sweet crude before the uprising at the start of the year. Around 85 percent of Libyan output was exported to Europe, and the break in supply contributed to a surge in Brent, the DOE said.