Two oil firms announced on Monday increases in their oil products following Flying V’s hike in gasoline prices.

Small oil player Flying V raised prices of its gasoline products by P1.50 per liter on Monday.

Pilipinas Shell Petroleum Corporation meanwhile said it will raise gasoline prices by P1.00 per liter effective 12:01 a.m. Tuesday.

Total Philippines meanwhile also announced a P1 per liter hike in its gasoline products “to reflect increased product cost.” It said the price adjustment would be effective 6 a.m. Tuesday.

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 last week 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. With a report from Alvin Elchico, ABS-CBN News