MANILA - Oil companies and an association of retailers of liquefied petroleum gas (LPG) products announced Monday hikes in the prices of their products.

Flying V kicked off the new round of increases as it announced hikes in its diesel and gasoline products by P1 per liter effective 12:01 a.m. Tuesday

The company said the increase was already sounded off to the Department of Energy (DOE) as early as last week. It said its new prices would be reflecting the uptick in finished petroleum products based in Singapore.

Pilipinas Shell Petroleum Corporation said it will also implement an increase 12:01 a.m. Tuesday. Pilipinas Shell said its gasoline and diesel prices would increase by P0.50 per liter while its kerosene products would increase P1 per liter.

6 a.m. Tuesday hikes

Petron Corp meanwhile said it will implement a P0.50 per liter (value-added tax included) increase in its gasoline and diesel prices and a P1.00 per liter increase in the price of its kerosene products. It said the price hikes would take effect 6 a.m. Tuesday. The increase, the company said, “is to reflect international oil prices.”

Chevron Philippines (formerly Caltex) also said it will increase the prices of its Gold, Silver, Silver E10 and regular gasoline and diesel products by P0.50 per liter and kerosene prices by P1 per liter (VAT included). It said the price increases would be effective 6 a.m. Tuesday.

Unioil Philippines meanwhile said its gasoline and diesel prices would increase P0.50 per liter while the price of its kerosene product would increase P1 per liter. Unioil said its adjusted price adjustments would be effective 6 a.m. Tuesday.

Phoenix Petroleum Philippines also said it will implement a pump price increase of P0.50 per liter for gasoline and diesel "due to upward trend in international oil prices and local market competition." The new prices would take effect 6 a.m. Tuesday, said Phoenix.

Total Philippines also advised P0.50 per liter increases in the pump prices of its diesel and gasoline products as well as P1 per liter increase in kerosene prices. The increase which it said was “to reflect increased product costs” would take effect 6 a.m. Tuesday.

DOE director Zenaida Monsada meanwhile confirmed that oil prices are indeed on an uptrend and consumers can expect a P0.50 to P1 per liter hike this week. Monsada added oil prices will generally be on an uptrend as the world economy rebounds from the global crisis.

Meanwhile, the LPG Marketers Association (LPGMA) also announced a P1 per kilogram hike in their cooking gas prices also effective 12:01 a.m. Tuesday.

Arnel Ty, LPGMA president, also cautioned the public to anticipate a P4 per kilo hike this coming July since the increase in international contract prices has already reached $60 per metric ton.

"Based on the trending, malaki po ang pagtaas ngayon pa lang kaya ang nakikita namin mga P4 per kilo sa July,” said Ty. With a report from Alvin Elchico, ABS-CBN News