The country’s oil firms raised the price of gasoline by P0.75 per liter but rolled back the price of kerosene and diesel by P0.60 per liter and P0.10 per liter, respectively effective 6 am Tuesday.
“Phoenix Petroleum Philippines will implement a decrease in the price of diesel by P0.10 per liter and increase the price of gasoline by P0.75 per liter effective 6 am of May 5,” the company said in its advisory.
Pilipinas Shell Petroleum Corp., PTT Philippines, Seaoil Philippines, Total Philippines and PetroGazz also adjusted pump prices to reflect the movement of prices in the world market.
Unioil Philippines announced over the weekend fuel prices will have a “mix movement” this week.
Unioil forecasted the diesel prices would go down by P0.20 per liter but gasoline will go up by P0.60 to P0.70 per liter.
Last April 28, the oil companies rolled back their prices of gasoline by of P0.20 per liter, diesel by P1.80 per liter, and kerosene by P2.15 per liter.
Prior to Tuesday’s oil price movement, total year-to-date adjustments stand at a net decrease of P15.2 per liter for gasoline, P16.89 per liter for diesel and P21.90 per liter for kerosene, according to the Energy Department.
Energy Secretary Alfonso Cusi earlier said the low oil prices globally had affected the country’s oil firms.
The slowdown in demand due to the enhanced community quarantine also forced around 10 percent of the retailers to close shop.
Cusi, however, said in a recent ANC interview that oil would not immediately change once ECQ would be lifted.
He said the Philippines remained dependent on price development in the global market and he expected the oil companies would continue to sell based on how prices in the global market move.