Manila: Oil companies announced mixed price adjustments for petroleum products effective Tuesday. In separate advisories issued Monday, Seaoil, Jetti Petroleum, and PTT Philippines said gasoline prices will go down by PHP0.10 per liter, while diesel prices will increase by PHP0.20 per liter starting 6 a.m. Tuesday. Seaoil also announced that the price of its kerosene will be hiked by PHP0.10 per liter at the same time.

According to Philippines News Agency, this week's diesel price hike is the second since the PHP0.60 per liter adjustment last week, as well as for kerosene, which also went up by PHP0.60 per liter. On the other hand, there were no changes in gasoline prices last week.

Meanwhile, the impact of the US government's arrest of Venezuelan President Nicolas Maduro for illegal drug charges over the weekend is seen to have an impact on oil prices in terms of premiums and freight charges since the country is among the major oil producers in the world. 'The suspension and paralysis of Venezuela's oil export operations could support world oil prices due to worries of supply disruption. However, with the lingering global oversupply concerns coupled with increasing diesel and gasoline supply as major refineries ramp up output, it is possible that further upward movements could be subdued,' Jetti Petroleum President Leo Bellas said.