MANILA, Philippines - Oil companies announced a new round of price hikes in their fuel products on Valentine's Day.

Caltex, Petron and Shell said diesel prices would go up by P0.85 per liter while gasoline will increase by P0.50 per liter at 6 a.m.

Shell said its Fuel Save Unleaded, Premium, V-Power, and Regular Gasoline will increase by P0.50 per liter.

Its kerosene, FuelSave diesel, and V-Power diesel will rise by P0.85 per liter.

Similar price hikes are being implemented by Caltex and Petron.

The Energy Department earlier said increases reflect oil price movements in the global market.