Diesel prices went up by P0.30 per liter effective 6 a.m. Tuesday but there were no movements for gasoline and kerosene.
Pilipinas Shell Petroleum Corp., Seaoil Philippines, PTT Philippines, Phoenix Petroleum, Unioil Philippines and Eastern Petroleum announced the price movement which reflects the movement in world oil prices the previous week.
“Eastern Petroleum will not adjust gasoline prices but will hike the price of diesel by P0.30 per liter at 6 a.m., Tuesday, May 17, 2016,” Eastern said.
Energy Secretary Zenaida Monsada said diesel prices went up due to higher demand from Vietnam and India.
There was no significant demand for other petroleum products like gasoline and kerosene last week amid the global supply glut.
Last May 10, most of the oil companies implemented a price rollback of P0.30 per liter for gasoline, P0.20 per liter for diesel and P0.40 per liter for kerosene, effective today.
World oil prices have been significantly affected by the global supply glut.
The Energy Department cited a recent Reuters survey wherein OPEC crude production rose in April to 32.64 million barrels per day, close to the highest level in recent history, led by Iran and Iraq, which output more than offset the lost production during strike in Kuwait and other outages.
In Asia, the department cited the report of global oil think tank Platts which stated the ample supply of gasoline in the region and the Middle East continued to weigh on sentiment, as regional demand was unable to mop up the excess barrels.
Demand in the region remained subdued, leading to a surplus of barrels. Market participants are said to be waiting on seasonal demand spikes in June and July to absorb the supply.
More supply is expected to hit the market for June loading dates after Asian refineries complete their maintenance.