The rally in global oil prices last week prompted another round of P1 per liter hike in gasoline and diesel prices and P0.50 per liter for kerosene at the domestic market, starting midnight on Tuesday, Aug. 4.

The companies which advised on their price adjustments include Pilipinas Shell Petroleum Corporation and Phoenix Petroleum at 12:01am; Chevron Philippines and Petron Corporation at 6 am.

Shell, in its media advisory, indicated that the new round of adjustment was “to reflect the increase in international product prices.”

It also noted that since the advisory to dealers are based on suggested retail prices, actual costs reflected at the pumps may vary across stations and geographical locations.

Unioil Petroleum also announced on Monday that it just adjusted its prices by P1.40 per liter for gasoline and diesel products.

The company emphasized that this has been its first price hike since it rolled down its prices by the highly-questioned P4.75 per liter for gasoline and P3.50 per liter for diesel last month.

“We would like to inform you that this is the first time that Unioil will have a price increase as a response to the P2 increase by competitors implemented last week,” the company said.

On Sunday at 12:01am, Flying V of the Villavicencio group went ahead in increasing its gasoline and diesel product prices by P1 per liter.

The oil firms said the competitive nature of the business compel them to respond to market forces, hence, they are matching the adjustments being implemented by industry rivals.

In the past two weeks, global oil prices have been rising, with the Dubai crude hitting the $70 per barrel level. Overall though, the prices for July have remained lower compared to June prices.

Market analysts noted that demand slump may persist longer despite some forecasts of gradual economic recovery.

They noted that demand rise for the commodity will remain lackluster because of rising unemployment rate; traced on the fact that rising corporate earnings have been due to lay-offs and streamlining of corporate organizations.

The oil inventory of the United States, as reported by its Department of Energy’s Energy Information Administration, has also been sending mixed signals to the market.