MANILA, Philippines – Pump prices of petroleum products are set to rise again, as supply in the world market remains tight.

Petron, Caltex, Shell, and Seaoil said they will hike diesel prices by P6.55 per liter, gasoline by P2.70, and kerosene by P5.45.

The new rates will take effect on Tuesday, June 7.

Oil prices in the global market hit $120 a barrel on Monday, June 6, as Saudi Arabia raised crude prices for July.

The Organization of the Petroleum Exporting Countries and its allies recently agreed to increase production by more than expected in July and August, but this is seen as having little effect on supply.

Year-to-date adjustments in the Philippines stand at a net increase of P30.30 for diesel, P23.85 per liter for gasoline, and P27.65 for kerosene. – Rappler.com