Oil companies have advised of higher prices this week at the scale of P0.45 per liter for gasoline; and P0.35 per liter for diesel products as advised by the oil companies.
Another commodity that will have a price hike of P0.65 per liter this week is kerosene, which is an essential fuel used in households and key industries like aviation.
As of press time, the oil companies that already sent notices on their upward price movements had been Pilipinas Shell Petroleum Corporation, Seaoil, Cleanfuel, Total and PetroGazz; while their competitor-firms are expected to follow.
The price adjustments in the Philippine oil market are anchored on cost upswings in the world market, given prospects of demand acceleration as economic recoveries are now advancing in countries that are already gaining traction on their Covid-19 inoculation activities.
Key economies like China and the United States already reported flourishing economic growths; and some countries are already prepping for a return to their driving and travel seasons that will then shore up demand for oil commodities.
The next major development being tracked closely by market watchers would be the impact of the decision of the global oil producers to keep a tight rein on previously agreed production cuts.