Seaoil, Eastern Petroleum to cut diesel but increase gas prices

By Juzel L. Danganan

MANILA, Oct. 5 (PNA) — Seaoil Philippines Inc. (SPI) and Eastern Petroleum Corp. will cut diesel but increase gasoline prices on Tuesday.

In separate advisories, SPI said it will cut diesel products by PhP0.10 centavos per liter, while Eastern Petroleum said it will cut its diesel products by PhP0.15 centavos per liter. Both companies will rollback prices effective 12:01 a.m. on October 6.

For gasoline products, Eastern Petroleum will hike by PhP0.15 centavos per liter, while SPI will increase by PhP0.20 centavos per liter.

SPI will also hike its kerosene prices by PhP0.15 centavos per liter.

Eastern Petroleum explained the latest price adjustment reflects the uptrend in global gasoline prices and downtrend in diesel prices.

The independent player said analysts see that the crude oil market will unlikely stabilize until 2017. (PNA)