The country’s oil firms will raise pump prices for the eighth consecutive week by as high as P1.20 per liter for gasoline effective Tuesday (July 13), Unioil Petroleum Philippines said Saturday.
In its fuel price forecast for July 13 to 19, Unioil said the price per liter of diesel may also increase by P0.60 to P0.70 per liter.
Year-to-date adjustments stand at a total net increase of P12.35 per liter for gasoline and P10 per liter for diesel.
Last week, the Department of Energy said in its monitoring report that “demand recovery, buoyed by the decline in the number of COVID-19 cases and an uptick in vaccination, has boosted the market’s ability to absorb additional supplies.”
Demand has been going up amid increased travel and strong economic recovery in the US and Europe.
World oil prices last week due to optimism that demand will exceed supply and the Organization of the Petroleum Exporting Countries (OPEC) and its allies will be careful in returning more crude to the market from August.