OIL firms increased by 50 centavos the per-liter price of their gasoline and diesel products yesterday. As usuaI they cited the increase in world oil prices for the price movement.

Chevron Philippines Inc., Petron Corp., Seaoil Philippines Inc., and Total (Philippines) Corp. implemented their price increases yesterday morning; Phoenix Petroleum Philippines Inc. followed suit early this morning.

A weekly world oil-price update showed that crude-oil prices rose last week as US and China data helped the market rebound, despite a US Energy Information Administration report that showed total US petroleum stockpiles soaring to 1.1 billion barrels, the highest inventory level since 1990.

The update also showed that soaring Asian auto sales and a weak dollar supported the crude prices.

The report quoted market analysts as predicting that gasoline prices would soften with the expected decrease in worldwide demand because of the end of the summer driving season in the US.

The report said diesel prices staged a technical rebound last week following the rise in crude-oil prices.

However, sentiment remained weak since Asia has abundant middle distillate supply.