Catherine Talavera (The Philippine
Star) - November 18, 2019 - 12:00am
MANILA, Philippines — Oil companies
are set to roll back the price of diesel and raise the prices of gasoline this
week.
In separate advisories, Petron and
Clean Fuel said they would implement a P0.30 per liter price cut in diesel,
while the price of gasoline will go up by P0.80 per liter.
Petron added that the price of
kerosene will also go down by P0.20 per liter.
“These reflect movements in the
international market,” Petron said.
In addition, Petro Gazz said it
would roll back the price of diesel by P0.15 per liter and increase the price
of gasoline by P0.85 per liter this week. Petron and Petro Gazz will implement
the price adjustments on Tuesday at 6 a.m.
Meanwhile, Clean Fuel said it has
already implemented the rollback in diesel starting 4 p.m. yesterday. It added
that the increase in gasoline prices would be effective on Wednesday.
Other oil companies have yet to
issue price advisories as of writing.
In an earlier fuel forecast for Nov.
19 to 25, Unioil Petroleum Philippines said the prices of diesel should go down
by P0.25 to P0.30 per liter. This will be the fifth straight week of reduction
on diesel prices.
It added that gasoline prices are
expected to rise by P0.80 to P0.90 per liter. This will be the second week
increase for gasoline prices.
Last week, a majority of oil
companies implemented an increase of P0.85 per liter for gasoline and a cut of
P0.15 per liter for diesel. Both Pilipinas Shell Petroleum Corp. and Petro Gazz
announced a hike of P0.80 per liter for gasoline.
Oil futures rose nearly two percent
on Friday, according to a report by Reuters, driven by optimism for a US-China
trade deal. However, this was tapered by increasing crude supplies.
Brent crude gained $1.02, or 1.6
percent at $63.30 a barrel, while West Texas Intermediate crude rose 95 cents,
or 1.7 percent at $57.72 a barrel.
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