Local fuel pump prices will rise again for the sixth consecutive week.
Gasoline products will go up by P1.15 per liter, diesel by P0.60 per liter and kerosene by P0.65 per liter.
The price adjustment takes effect at 6 a.m. of July 13. This was announced on Monday by Seaoil, Total, Shell, Phoenix Petroleum and PTT Philippines.
Cleanfuel will also implement the same price adjustment at 4:01 p.m.
Other oil firms will follow suit.
The year-to-date price adjustments stand at a total net increase of P13.5 per liter for gasoline, P10.60 per liter for diesel and P9 per liter for kerosene.
Oil firms adjust their pump prices weekly to reflect movements in the world oil market.
Prices of oil climbed to their highest since October 2018 on expectations that demand growth will exceed supply. Moreover, OPEC+ will be careful in returning more crude to the market from August.
The key factors OPEC+ will reportedly consider are the strong demand growth in the US, Europe, and China, bolstered by vaccine rollouts and reopening economies.