Oil companies on Tuesday lowered diesel prices but increased pump rates for gasoline.
Chevron (Caltex), Petron Corp., Pilipinas Shell, Seaoil, PTT Philippines and Phoenix Petroleum slashed prices of diesel by 10 centavos per liter.
Gasoline prices, however, went up 30 centavos per liter.
There was no price adjustment for kerosene products.
The recent price adjustments took effect between 12:01 a.m. and 6 a.m. on Tuesday.
“The (price) adjustments are done to reflect movements in the international petroleum market,” oil firms said in their separate advisories.
The Department of Energy (DOE) earlier projected an increase in petroleum products after the death of Saudi Arabia King Abdullah Bin Abdulaziz.
The DOE, however, assured the public that there is more than enough supply of oil and a price rollback can be expected next week.
Last week, oil companies slashed diesel prices by P1.45 per liter, P1.25 per liter for kerosene, and P1.25 per liter for gasoline.