Three Firms Hike Gas Prices by 50 c/ltr But Cut Diesel Prices by 50c/ltr

PTT Philippines, Chevron Philippines Inc. (CPI) and Petron Corp. will reduce diesel prices by 50 centavos per liter Tuesday.

But CPI and PTT will increase pump prices of gasoline by 50 centavos per liter also on Tuesday as Petron implements a 40-centavo hike in gasoline prices.

Petron said it would lower kerosene prices by 45 centavos per liter.

CPI and Petron will apply the price changes at 12:01 a.m. while PTT PHLs at 6 a.m.

Petron noted the latest oil price adjustment was brought by international market movements, by ongoing chaos in Libya, increased Chinese fuel consumption and further anticipated fuel demand highs in the United States due to Memorial Day.

According to the Department of Energy’s (DOE’s) oil price monitor, the current prevailing price of gasoline in Metro Manila is Php 31.90 per liter, but has been playing between Php 41.45-46.80 for same stations.

Diesel prices, on the other hand, have a prevailing price of Php 45.65. But, the price offered by gas stations varies between Php 29.85-33.20 per liter.

Consumer group CitizenWatch said the increase on gas prices would again burden the consumers, especially with more vehicles on the round next week as classes are set to open.

It hopes that pending measures in Congress will help reduce fuel prices, given the amount of time left. (PNA) RMA/JLD