Oil firms cut prices of diesel, kerosene

OIL firms lowered the pump prices of diesel and kerosene but raised the cost of gasoline.

Shell, Seaoil, PetroGazz, Caltex Cleanfuel, Jetti Petroleum, Unioil, PTT Philippines, and Flying V raised the prices of gasoline by P0.10 per liter and reduced diesel prices by P0.40 per liter.

The cost of kerosene went down by P0.70 per liter.

According to the Department of Energy's Oil Industry Management Bureau (DoE-OIMB), the reason for this week's fuel price movements are because of recent slower economic data from China and because of expectations of higher crude oil supply from Iran.

Last week, oil companies rolled back the prices of gasoline, diesel, and kerosene by P0.60 per liter, by P0.90 per liter and P1.15 per liter, respectively.

The DoE-OIMB said this week's fuel price movements are due to slower economic data from China and expectations of a higher crude oil supply from Iran.

So far this year, the price of gasoline has gone up by P10.35, diesel by P7.75 and kerosene by 50 centavos.