Oil price adjustments: gas cost up, diesel cost down

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The prices of local petroleum products have been adjusted yet again, with cost of diesel going down by 20 centavos per liter and cost of gasoline going up by 15 centavos per liter, oil companies advised yesterday.

Oil giants Pilipinas Shell Petroleum Corp. and Petron Corp., and independent oil company Phoenix Petroleum Philippines issued separate announcements yesterday.

Petron said that their price adjustments – which “reflect movements in the international oil market – took effect as of 12:01 a.m. yesterday, as follows: 20 centavos per liter decrease in cost of diesel, diesel prices, 25 centavos per liter decrease in cost of kerosene, and 15 centavos per liter increase in cost of gasoline.

Phoenix Petroleum Philippines will adjust their prices in like manner effective 6 a.m. Sept. 23, 2014.

The Department of Energy’s (DOE) most recent price report indicates that an excess of crude oil in the Atlantic basin and Asia has been created by high inventories and low demand.

“In Asia, Platts noted little change in gasoline market, with fundamentals tracking developments in the US and Europe and prompt regional demand. Stocks of light distillates in regional trading hub Singapore reportedly fell by 1.7 percent week on week to 11.002 million barrels, trade data released by government agency IE Singapore,” the DOE report said.