MANILA, Philippines—(UPDATE) Local oil companies have raised prices of gasoline, diesel and kerosene by 50 centavos a liter.

Petron Corp., the country's biggest oil retailer and refiner, took the lead in the latest oil price increase as early as 12 noon on Tuesday, while Chevron and Seaoil Philippines implemented their respective price hikes as of 12:01 a.m. Wednesday.

Independent oil player Phoenix Petroleum Philippines meanwhile said it will raise diesel and gasoline prices by 50 centavos effective 12:01 a.m. Thursday.

Spokesman Raymond Zorilla said the increase was "in view of the continued increase in the prices of refined petroleum products in the international market."

The increases were the third so far this month.

On March 9, local oil companies raised prices of gasoline by 50 centavos a liter, and of diesel and kerosene by 25 centavos a liter, while on March 3, they increased cost of gasoline by P1 a liter, and of diesel and kerosene by 75 centavos a liter.

Data from the Department of Energy showed that the price of the regional benchmark Dubai crude rose to $77 a barrel as of March 17, from the $73-a-barrel average in February.

Prices of unleaded gasoline based on the Mean of Platts Singapore benchmark for refined petroleum products, also rose to $91 a barrel in the first 17 days of the month, from the previous month's average of $87 a barrel.

Similarly, MOPS-based diesel prices increased to $88 a barrel within the March 1-17 period, compared to the $84-a-barrel average in February.

Source: Inquirer.net