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Petron Corp., Pilipinas Shell Petroleum Corp., Total Philippines, Inc., SEAOIL Philippines, Inc. and PTT Philippines Corp. implemented price hikes of 25 centavos per liter on diesel and 15 centavos per liter on kerosene effective 6:00 a.m. yesterday. There were no movements in the prices of gasoline.

"This reflects movements in the international oil market," Petron said in its advisory. The Energy department, in its latest report, said international oil prices rose due to the healthy and positive outlook for the US economy, as well as China’s record crude oil imports. "Dealers note that the health of the US economy is a key influence on oil prices, with the US being the world’s biggest consumer of crude," the Energy department said. Meanwhile, China’s crude import rose to a record 6.6 million barrels per day in January, which is more than 12 Percent versus year-ago levels.

At the same time, the Organisation of Petroleum Exporting Countries (OPEC) noted rise in global oil consumption by 1.09 million barrels per day -- which is an increase of 45,000 barrels against the previous prediction. This also boosted the oil prices, the Energy department said.

The continuous increased demand for heating oil in the US also drove the prices, coupled with the decrease in the supplies of distillate fuel, which includes heating oil and diesel.

"In the Asian Market, Platts noted that gasoline price rally was driven by strength in the US and European markets," the Energy department said. "Views on the regional market was largely mixed, with some traders saying the market is well supplied while others cite tightening fundamentals ahead of the refinery maintenance as the reason behind higher prices in recently concluded deals," the department added. Demand remains robust amid steady volume requirements of Indonesia and Vietnam.

The new set of adjustments -- the fourth price hike since the beginning of the year -- followed last week’s price increases of one peso per liter on gasoline, 40 centavos per liter on diesel and 25 centavos per liter on kerosene. Following the rate changes, gasoline prices now already has a net increase of 20 centavos per liter, while diesel prices has a 25-centavos-per-liter net decrease since the January. Prices of Dubai crude -- the benchmark used by most of Asia - are at $105.13 per barrel yesterday from $104.96 per barrel recorded last week. Meanwhile, as of Feb. 21, international prices of diesel are at $127 per barrel from $124 per barrel the previous week. Gasoline prices in the international market are at $122 per barrel as of last Friday from $121 per barrel recorded from the previous week.

Data from the Energy department’s Web site showed that prior to the recent adjustments, gasoline was worth between P50.20 per liter and P56.55 per liter, while diesel prices ranged from P41.75 per liter to P46.35 per liter.