The country's oil firms raised pump prices by as much as P0.80 per liter effective 6 a.m. Tuesday to reflect the movement of world oil prices.
The oil firms raised the price of gasoline by P0.80 per liter, diesel by P0.40 per liter, and kerosene by P0.25 per liter.
Meanwhile, Petron announced it will implement a P2.20 per kilo increase (VAT-inclusive) in liquefied petroleum gas (LPG) prices effective 12:01 am, June 1.
Petron will also increase AutoLPG prices by P1.25 per liter at the same time.
"Petron will implement the following price increases effective 6 a.m. on June 1: P0.80/li for gasoline; P0.40/li for diesel; and P0.25/li for kerosene. These reflect movements in the international oil market," it said in its advisory.
Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines, Chevron Philippines, PTT Philippines, Seaoil Philippines, Cleanfuel, and PetroGazz issued separate advisories of the latest oil price movement.
"These reflect the international contract price of LPG for the month of June," the oil firm said.
Oil player Unioil Philippines forecasted over the weekend the higher oil prices this week.
"Expect fuel prices to go up next week (June 1 – 7, 2021). Diesel will increase by P0.40 to P0.50 per liter. Gasoline will increase by P0.60 to P0.70 per liter," Unioil said in its advisory.
On May 25, the oil companies also raised pump prices.
Gasoline and diesel prices went up by P0.15 per liter and P0.25 per liter, respectively. However, the oil firms cut the price of kerosene by P0.15 per liter.
These resulted in the year-to-date adjustments to stand at total net increase of P8.50 per liter for gasoline, P7.20 per liter for diesel and P5.85 per liter for kerosene.
World oil prices reacted to the increase in demand from China and anticipation of increased demand in Japan.
In Southeast Asia, Malaysia and Vietnam posted soft demand due to the COVID-19 outbreak but Indonesia demand continues to hold up.