Oil firms hike gasoline prices, cut diesel prices

Oil companies implemented on Tuesday a mixed adjustment in the prices of petroleum products a week after slightly reducing fuel prices. Per liter, firms jacked up gasoline by P1.40 but diesel and kerosene dropped by 50 centavos and 35 centavos, respectively. This is the third straight week that diesel and kerosene prices declined. Last week, gasoline and kerosene went down by 25 centavos per liter each while diesel decreased by 60 centavos per liter. Cumulative adjustments as of date stand at P17.25 per liter for gasoline, P36.30 per liter for diesel and P28.60 per liter for kerosene. In the global market, both the Asian bellwether Dubai crude and the international benchmark Brent crude tumbled and settled at around $89 per barrel and $98 per barrel, respectively.

—Jordeene B. Lagare