Oil firms on Monday announced the implementation of similar P1.50 per liter price hikes of their gasoline, diesel and kerosene products on Tuesday, May 12.

Pilipinas Shell Petroleum Corporation and Seaoil Philippines said they will increase pump prices effective 12:01 a.m.

Petron Corp., Chevron (formerly Caltex) and Total Philippines will follow suit at 6 a.m.

Chevron said that its price hikes were due to “market forces.”

The Department of Energy (DOE) earlier warned of a possible increase in local pump prices after an increase in international crude prices.

According to the DOE, imported diesel rose by $5.91 per barrel week-on-week or an equivalent of P1.77 per liter. For gasoline, the per barrel increase was $7.71, which is equivalent to P2.31 per liter.

A computation by local oil company Flying V said oil prices could rise by P2-P3 per liter. It said the increase could be implemented in two tranches.

Energy Secretary Angelo Reyes said the DOE will continue to monitor local pump prices. With a report from Alvin Elchico, ABS-CBN News