MANILA –- Oil firms will slash diesel prices by 10 centavos per liter and hike gas prices by 20 centavos per liter on Tuesday.

In separate advisories, Pilipinas Shell Petroleum Corp. (PSPC), Petron Corp., Phoenix Petroleum Philippines, Seaoil Philippines Inc. and PTT Philippines Corp., said they would implement the new prices at 6 a.m. on March 1.

Flying V, on the other hand, will apply similar price changes at 12:01 a.m., Tuesday.

Eastern Petroleum will also cut diesel prices by 15 centavos per liter at 6 p.m. of Feb. 29 (Monday), while it will hike gasoline prices by 15 centavos per liter at 6 a.m.

Shell, Petron and Seaoil will also cut kerosene prices by 15 centavos per liter.

The firms said the price changes reflected movements in the international oil market. It is derived from the average price movements for the previous five trading days.

According to the Department of Energy’s (DOE) oil monitor in Metro Manila, as of Feb. 23, diesel prices range from Php 19.53-22.85 per liter and gasoline prices play around Php 30.95-39.12 per liter.

The United States’ oil rig count fell last week to 413, which shows a reduction of 68 percent from all types from 1,609 in Oct. 2014. It is one of the largest producers of oil in the international market.

The lower rig count will likely lead to a decreased production, easing the global oil glut. PNA/northboundasia.com