The country’s oil firms are expected to raise gasoline prices by as much as P1.10 per liter.
Unioil Petroleum Philippines on Saturday said diesel will also increase by P0.70 to P0.80 next week.
Last week, oil companies hiked gasoline prices by P0.75 per liter and diesel and kerosene by P0.70 per liter to reflect the movement of prices in the world oil market.
World oil prices trended in the past weeks higher due to confidence of strong demand outlook and accelerating vaccinations allowing for more mobility, according to the Department of Energy.
DOE cited the report of the International Energy Agency’s (IEA) monthly oil market report that global oil demand is set to rise by 3.1 million barrels per day and return to pre-pandemic levels by the fourth quarter next year.
Meanwhile, the Organization of the Petroleum Exporting Countries and its allies are scheduled to meet online July 1 to assess market conditions and review plans to bring more output online, which could impact the movement of oil prices.