Oil firms announced on Monday that another price hike is expected on December 9, with gasoline increasing by P1 to P1.30 per liter.
Diesel will also go up between P.10-P.30.per liter, while kerosene may be rolled back by P0.45 and P0.25 per liter.
The Department of Energy (DOE) said the price adjustments are based on the four-day trade monitoring of the Means of Platts Singapore, plus continuing geopolitical concerns in oil-producing countries.
"Global supply tightness and geopolitical risks continue to pressure oil markets. A disruption in the oil supply from Russia’s Black Sea ports brought gasoline prices up," the agency said.
Other geopolitical concerns cited by the DOE include Ukraine's attack on Russia's oil infrastructure and the rising tensions between the US and Venezuela.
"The global crude oil supply surplus in the international oil market also contributes to the estimated adjustments," the agency said.