MANILA, Philippines—Petron Corp. and independent player Seaoil Philippines are hiking the prices of kerosene by 40 centavos a liter and of diesel by 25 centavos a liter effective Tuesday.
At the same time, the local oil firms also slashed prices of premium gasoline by 40 centavos a liter and of regular gasoline by 15 centavos a liter.
According to the oil firms, the latest price adjustment reflected the movements in the prices of oil in the international market.
Other oil companies have yet to announce their respective price adjustments.
As of January 2, the price of Dubai crude stood at $106 a barrel while the price of unleaded gasoline based on the Mean of Platts Singapore benchmark was at $124 a barrel. MOPS-based prices of kerosene and diesel, meanwhile, stood at $126 a barrel.