AFTER successive rollbacks, prices of diesel products are set to increase on Tuesday.
Oil firm Pilipinas Shell will increase diesel retail price by 35 centavos per liter and Eastern Petroleum Corp. by 30 centavos per liter.
At the same time, Pilipinas Shell will also increase kerosene price by 20 centavos per liter.
The oil companies, however, are set to lower gasoline prices by between 25 and 30 centavos per liter.
Fernando Martinez, Eastern Petroleum chairman and chief executive officer, said the price cut for gasoline took effect at 6 pm. on Monday, while the price hike for diesel will take effect at 12:01 a.m. on Tuesday.
Other oil firms are expected to follow suit.
Martinez attributed the diesel price hike to slight increase in international diesel prices and depreciation of the peso against the dollar.
“The latest reduction, particularly for gasoline prices, reflects the continuous downward trend in global gasoline prices,” Martinez said in a statement.
Last week, oil firms slashed diesel and gasoline prices by 45 centavos per liter and kerosene by P1 per liter.