MANILA - Independent oil player Flying V announced it will hike fuel prices on Tuesday, its second increase since the government-imposed ceiling on oil prices was lifted.

Effective 12:01 a.m., prices of Flying V's diesel, gasoline and kerosene will go up by P1.50 per liter, said company spokesman Joey Cruz.

Cruz said the scheduled increase was in line with the movement of oil prices in the world market.

He said local pump prices would likely increase by another P1.50 per liter next week as oil firms seek to recover losses from the imposition of Executive Order 839, which kept fuel prices at October 15 levels.

EO 839 was lifted on condition that oil firms continue to provide discounts and relief assistance in areas badly hit by recent back-to-back typhoons.

Oil companies said they were looking at an increase of up to P5 per liter upon scrapping of the EO, but they promised to implement this on a staggered basis.