Dispersal of pyrethroid insecticide by vaporization - role of petroleum distillate in distribution in air
In short:  the petroleum most likely is used as a solvent.
Small detour:  tablets of asperin contain acetylsalicylic acid as the intended active compound.  But the tablets contain other chemical compounds as well, for example to retain the active ingredient in «good shape» (e.g., stabilizers, antioxidants, etc.) and not at last, fillers.  Because, to moderate the wanted action of aspirin in the body, you possibly need a smaller mass of the pure compound, than your balance at home allows you to measure. Thus, the active ingredient is diluted; you equally could say, it is dissolved in the solid matrix of the tablet.
Now to the pyrethroids in question.  Similar to perfume, only a relatively small number of the molecules per cubic foot / cubic metre of air suffices to trigger the action; here, against the insects without triggering nausea / headache etc. to you.  (It is a question of balancing the effects, and the cost producing the materials vs. return of investment for the company, too.)  Thus, the pyrethroids are distributed as diluted.  Given the structures of two of the compounds you mention (they differ)

(prallethrin, source)

(cyfluthrin source
there are no, e.g. hydroxy-groups which could render the substances well soluble in water (hydrophilic).  Instead, they are more likely to dissolve in apolar solvents, such as petroleum is, then called «carrier».  In the other recipe, the PEG and propylene glycol butyl ether may function as the slowly evaporating solvent (mixture).
(Possibly, the list of ingredients was rearranged for this question; often, the containers list them in decreasing relative amount to the total content.)  The list of ingredients from the Philippines still may indicate lots of water in the bottle because simultaneously there are other compounds which may mediate between the polar water and the less polar pyrethroids to yield a solution; especially isopropanol (an organic solvent miscible with water), and the detergent, sodium lauryl sulfate may increase the solubility here.
It may be, that overall the recipe using both prallethrin and a little of cyfluthrin is more efficient or / and is less costly to produce than using the other recipe of prallethrin  alone.  It may be local legislation setting an upper threshold for one, or the other compound differently in one country, to the other; which may be to protect you directly as a consumer, or the environment in general (they don't decompose well in normal wastewater treatments and thus may enter the food chain).  Because the evaporation of an aqueous solution may well differ from one based on petroleum, it is not evident that one may be used to refill the other in the electric nebulizer.