Small oil player Flying V raised prices of its gasoline products by P1.50 per liter on Monday, reflecting the jump in world oil prices last week.

Last Friday, oil prices reached $61.54 a barrel in Asian trade on signs of rising energy demand in the United States, a key growth engine for the world economy. Oil prices amounted to only $59.53 in the same day of the previous week.

According to Flying V, gasoline prices rose while those of diesel were little changed based on world oil prices last week.

Five oil companies earlier increased prices of gasoline and diesel products by P1.50 per liter and P0.50 per liter, respectively. These companies include Pilipinas Shell, Petron, Total, Chevron, Eastern Petroleum and Seaoil.