SHELL, Chevron and Total raised the price of diesel by 30 centavos a liter yesterday, bringing it to P21 to P26 a liter at the pump.

The increase was due to higher prices of the commodity abroad, the oil companies said.

The distributors had brought down diesel prices by P6 a liter—the last was on March 11, when they cut P0.50 off its price—before this latest increase.

Energy Department data show that unleaded gasoline is now retailing at P29 to P35 a liter, and gasoline mixed with 10-percent ethanol is selling at P28.50 to P35 a liter.

LPG used by taxicabs is retailing at P19 to P20 a liter, and is the cheapest automotive fuel.

Abroad, oil prices eased in Asian trade Friday but stayed around $51 a barrel after a dramatic US central bank move to infuse $1 trillion into the financial system.

New York’s main futures contract, light sweet crude for delivery in April, fell 52 cents to $51.09 a barrel after climbing $3.47 in US trade Thursday.

The contract topped $50 for the first time in four months and at one point on Thursday surged to $52.25—the highest level since Nov. 28 last year.

Brent North Sea crude for May delivery was off 31 cents to $50.36 after rising $3.01 in London.

The US Federal Reserve said Wednesday it would inject more than $1 trillion to boost the financial system of the world’s biggest economy. The move pulled down the US dollar against key currencies.

“Slowing demand and rising supply might not matter as the Fed prints trillions of dollars to buy back Treasury securities and create an artificially lower yield, driving down the value of the dollar and driving up the price in cheaper dollar oil,” said Phil Flynn of US-based Alaron Trading.

Oil trading is conducted in US dollars and a weaker US currency makes oil cheaper for foreign currency holders.

The US central bank said Wednesday that it would buy up to $300 billion in long-term US Treasury bonds over the next six months “to help improve conditions in private credit markets.”

The Fed also said it would boost purchases of mortgage-backed securities by $750 billion to bring its total to $1.25 trillion this year, and by $100 billion more in other federal agency debt, as part of a wide-ranging effort to revive the sagging US economy. Roderick T. dela Cruz, with AFP