Oil firms will adjust the price of petroleum products effective on Tuesday.
Eastern Petroleum Corp. said on Monday afternoon that it will reduce the price of diesel product by P0.15 per liter and will increase the price of gasoline prices by P0.15 per liter at 12:01 a.m. on Tuesday.
Eastern Petroleum said the latest price adjustments reflect the current uptrend and downtrend in global gasoline and diesel prices.
“Analysts say the crude-oil markets are unlikely to fully rebalance until 2017 at the earliest and will be a major hurdle on the midstream sector,” Eastern Petroleum said.
Shell also announced a price hike in gasoline by P0.20 per liter and P0.15 per liter for kerosene. It will reduce the price of diesel by P0.10 per liter.
Other oil firms are expected to follow suit.
The Department of Energy (DOE), in its web site, said that during the week of September 14 to 18, Dubai crude decreased week-on-week by nearly $2 per barrel. MOPS gasoline and diesel dropped as well by more than a dollar a barrel.