Seaoil, PTT announce fuel price adjustments

MANILA, Philippines - Seaoil and PTT on Monday night announced yet another round of cutbacks and increase in the price of their pump fuels. Seaoil spokesman Rey Jimenez said in a text message that the company would slash the price of diesel products by 50 centavos per liter and kerosene products by a bigger P1 per liter. Meanwhile, PTT, the Philippine unit of Thailand's largest oil firm, said it would implement a price cut only on its diesel products. Like Seaoil, PTT will reduce diesel by 50 centavos per liter. However, like the trend in previous adjustments made by most major and independent oil firms in the past weeks, both Seaoil and PTT would also hike their gas prices by 50 centavos per liter. Price adjustments in Seaoil products are set to take effect at 12:01 a.m. of Tuesday, while those of PTT will be implemented at a later time at 6 a.m. Tuesday. - Mark Merueñas, GMANews.TV