Oil price hike on diesel, kerosene effective Tuesday

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OIL companies announced on Monday price increases in diesel and kerosene but not gasoline.

Flying V said effective 12:01 a.m. on Tuesday, prices of diesel and kerosene will go up by 45 centavos per liter and 65 centavos per liter, respectively.

In separate advisories, Eastern Petroleum, Phoenix Petroleum, Pilipinas Shell, PTT Philippines, and SEAOIL said they would increase diesel by 45 centavos per liter effective 6:00 a.m.

Pilipinas Shell and SEAOIL will increase the price of kerosene by 65 centavos per liter, effective 6:00 a.m.

Energy Director Rino Abad, who heads the Oil Industry Management Bureau (OIMB), said in a text message on Monday that the Asian gasoline market fundamentals were balanced, with demand and supply projected to be stable.

Abad added that the fundamentals in the Asian gasoil market remained strong on increasing demand in the region, attributing it to tighter supply due to strong buying interest in recent weeks. JORDEENE SHEEX LAGARE

 

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