Oil companies on Monday announced a new round of increases in pump prices or petroleum products starting Tuesday past midnight.

Pilipinas Shell Petroleum Corporation announced that effective 12:01 a.m. Tuesday gasoline and diesel will increase by P0.50 per liter while kerosene will increase by P0.75 per liter. Roberto Kanapi, Pilipinas Shell spokesman said the increased prices are “to reflect higher product costs.”

Eastern Petroleum president Fernando Martinez meanwhile said that the independent oil company will hike all its petroleum products by P0.50 per liter effective 12:01 a.m. Tuesday.

Petron Corp said it will implement increases in pump prices 6 a.m. Tuesday. Virginia Ruivivar, Petron spokesperson said prices of Petron’s gasoline and diesel will increase by P0.50 perliter (value-added tax included) while the price of its kerosene would increase P0.75 per liter.

Chevron Philippines (formerly Caltex), through its communication manager Toby Nebrida, said it will increase the pump prices of its Gold, Silver, Silver E10 and regular gasoline products as well as diesel by P0.50 per liter. Kerosene meanwhile would increase by P0.75 per liter (VAT included). Nebrida said the new prices would be implemented 6 a.m. Tuesday.

Total Philippines announced a similar increase in its products. Malou Espina, manager for corporate affairs of Total, said the increase would be effective 6 a.m. Tuesday.

A Department of Energy official had earlier said that oil companies have basis to increase prices. Director Zenaida Monsada said that while the prices of imported diesel and gasoline only rose slightly the bigger issue affecting local oil prices was the weakening of the peso in relation to the US dollar.

Oil companies last week implemented an increase in gasoline and diesel prices by P0.50 per liter while kerosene products rose P1 per liter. With reports from Alvin Elchico, ABS-CBN News