OIL firms said they would reduce the prices of gasoline, but raise the prices of diesel and kerosene on Tuesday, February 28, following trends in the global oil market.
Seaoil Philippines said it will raise diesel and kerosene prices by P0.35 per liter and P0.30 per liter, respectively. Gasoline prices will be reduced by P0.40 per liter. The oil firm said the price adjustment will take effect at 6 a.m. on Tuesday.
“This is to reflect movements in the international petroleum market,” it said.
Pilipinas Shell also announced the same price adjustment.
Other oil firms are expected to follow.
Department of Energy Director for Oil Industry Management Bureau Melita Obillo noted an “oversupply of gasoline” brought about by the increasing inventories in the United States.
Last week oil firms implemented a price increase in gasoline by P0.25 per liter and kerosene by P0.15 per liter.