Increases in fuel prices at the pumps are now on its fifth iteration in a series.
Seaoil and Caltex announced increasing their per liter price by P0.75 for gasoline, P1.50 for diesel and P0.80 for kerosene.
Jetti, Clean Fuel and PTT similarly adjusted their per liter price by P0.75 for gasoline and P1.50 for diesel. The new rates take effect at midnight Tuesday.
Gasoline and diesel price adjustments have hiked five weeks in a row although kerosene product prices have only been increased for two.
The latest movements were pushed in the main by renewed optimism over global output growth averaging higher to 3.1 percent this year in projections by the International Monetary Fund from 2.9 percent projected in October last year.
Department of Energy (DOE) data show the price of gasoline (RON95) costing P69.35 per liter, diesel of another P62.20 perl liter and kerosene P73.49 per liter.
DOE data also show year-to-date adjustments as a net increase of P4.40 per liter for gasoline, P2.90 per liter for diesel and a net decrease of P0.05 per liter for kerosene.
Analysts said better than forecast growth in the US and China aided by easing inflation at rates faster than anticipated helped push oil price lower.
The Organization of Petroleum Exporting Countries and allies led by Russia are keeping production levels intact with the group meeting in March to decide on supply levels. It previously implemented output cuts of 2.2 million barrels per day until March this year.
