Oil firms to hike diesel prices Tuesday means BUSINESS

MANILA, Philippines -- Oil companies will increase diesel prices by P0.10 per liter on Tuesday, following international market trends.

In separate advisories, Flying V, Seaoil Philippines Inc., Pilipinas Shell Petroleum Corp., and PTT Philippines also said they would retain gasoline prices.

Petron, Shell and Flying V will also roll back kerosene prices by P0.15 per liter.

Flying V and Petron Corp. will apply the price movements at 12:01 a.m., Tuesday, while Shell, Seaoil and PTT will change prices at 6 a.m.

According to the Energy Department's oil monitor for Metro Manila, diesel prices currently range from P27.85-P33.70 per liter, while it has a common price of P30.90 per liter.

Gasoline however has a price range of P39.50-P48.60 per liter, while it has a common price of P46.68 per liter.

On Monday, oil market prices dropped due to higher exports from Iran despite the measures adopted by other oil producing countries to slash the global oil glut.

US energy companies also increased its rigs for the tenth week in a row last week.