Philippine oil firms raise gasoline prices-Xinhua - 新华网

MANILA, Nov. 3 (Xinhua) -- Oil companies in the Philippines raised gasoline prices on Tuesday while lowering those of diesel and kerosene, according to local media report.

According to local media outlet The Manila Times, Shell, Seaoil, PetroGazz and Jetti Petroleum hiked gasoline prices by 3.50 pesos per liter and cut diesel prices by 1 peso per liter. Shell and Seaoil also reduced kerosene prices by 1.90 pesos per liter.

The adjustments followed last week's movements, when gasoline prices fell by 0.30 pesos per liter while diesel and kerosene rose by 1.20 pesos and 0.50 pesos per liter, respectively, according to the report.

The Philippines has limited domestic production and refining capacity, making it heavily dependent on energy imports each year and leaving local oil prices highly vulnerable to international market fluctuations. ■