Petron Corp. and Chevron Philippines raised pump prices of gasoline by P0.30 per liter starting 6 am Tuesday but slashed diesel cost by P0.10 per liter.
“Effective 6:00 am January 27, 2015 CPI (Caltex) will increase wholesale posted price of Gold and Silver by P0.30 per liter liter and decrease wholesale posted price of diesel by P0.10 (all VAT inclusive),” Chevron said.
There was no price movement for kerosene. Other oil companies were expected to follow the move of Petron and Chevron.
But the latest price hike was much less than the cuts oil companies adopted since the start of the year. In the past two weeks, gasoline was cheaper by P3.15 per liter.
According to the latest Energy Department monitoring, crude prices continued to remain under pressure amid concerns of high levels of inventories along with the slowdown in global oil demand.
Analysts earlier said that world oil prices might fall further before rising given the abundance of supply in the market.
On Friday, however, oil prices surged following the death of Saudi Arabia’s King Abdullah, with investors watching to see if his successor would keep output steady in the face of a global supply glut that had sent crude to six-year lows.
On Friday, Brent crude went up to $49.55 per barrel from $47.21 per barrel in reaction to the news.
Energy Undersecretary Zenaida Monsada said traders were also watching developments during the impending Organization of Petroleum Exporting Countries meeting next month whether the oil producers will cut production.
Last January 19, oil companies rolled back pump prices P1.45 per liter for diesel, P1.25 for gasoline and kerosene to reflect the continuing downward trend in world oil prices.
On January 12, the oil firms cut prices by P1.70 per liter for gasoline, P1.60 per liter for kerosene and P1.50 per liter for diesel
The oil firms cut the price of kerosene by P1.25 per liter, gasoline by P0.95 per liter and diesel by P0.80 per liter last January 5.
Prior to the latest price movement, diesel is sold at P24.10 to P27.70 per liter while gasoline sells at the range of P33.10 to P39.10 per liter.