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Gasoline prices to go up


OIL companies are set to raise the cost of gasoline this week.

Caltex and Petron will raise the price of gasoline by 85 centavos per liter but lower the cost of diesel by 15 centavos per liter and kerosene by 10 centavos per liter on Tuesday.

Petro Gazz and Pilipinas Shell will raise the cost of gasoline by 85 centavos per liter but will lower the price of diesel by 15 centavos per liter, also on Tuesday.

Pilipinas Shell will also cut the price of kerosene by 15 centavos per liter.

Last week, oil companies lowered their pump prices by 25 centavos per liter for diesel and 10 centavos per liter each for gasoline and kerosene.

The fuel price adjustment announced over the weekend bucked the global movement in crude prices.

According to a report by Reuters, oil prices inched higher on Friday, with Brent crude futures climbing by 22 cents at $62.51 (about P3,163) per barrel and the US West Texas Intermediate crude increasing by 9 cents at $57.24 (about P2,896) per barrel.

Year-to-date adjustments stand at a net increase of P5.06 per liter for gasoline, P3.67 per liter for diesel and 86 centavos per liter for kerosene, based on the latest data from the Department of Energy.

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