MANILA, Philippines -- Flying V Philippines has raised prices of gasoline, kerosene and diesel by P1.20 a liter, effective 12:01 a.m. on Tuesday, to reflect the increase in the prices of petroleum products in the world market.

According to Flying V spokesperson Joey Cruz, Tuesday's price hike did not reflect yet the effect of Executive Order No. 850, which reduced the tariff on petroleum products to zero from 3 percent.

The order is expected to result in a one-time 70-centavo a liter rollback in fuel prices, according to Energy Secretary Angelo T. Reyes.

In a phone interview, Cruz said that Flying V would factor in the executive order in their priceing once "we realize the application of the zero tariff on the products that we are selling."

He added that they were expecting the company's next fuel importations to arrive by next week at the earliest. By that time, Flying V would be able to consider the effect of the zero tariff, he added.

Other oil companies have yet to announce their respective price adjustments, as of press time.

Data from the Department of Energy showed that the price of regional benchmark Dubai crude rose to an average $80 a barrel in the first eight days of January, from the previous month's average of $75 a barrel.

The price of gasoline, based on the Mean of Platts Singapore benchmark for refined petroleum products, increased to $89 a barrel as of Jan. 8, from the December average of $82 a barrel.

MOPS-based diesel similarly rose to $88 a barrel in the Jan. 1 to 8 period from $82 a barrel the previous month.