MANILA, Philippines?Following the move of major oil players, PTT Philippines have raised prices of gasoline by P1 a liter, and diesel, by P0.50 a liter, effective 12:01 a.m. Wednesday.

On Tuesday, Petron Corp., Pilipinas Shell Petroleum Corp., Chevron Corp., Eastern Petroleum Corp., Flying V Philippines and Seaoil led the new round of price increases.

Virginia Ruivivar, Petron spokesperson; Bobby Kanapi, Shell vice president for communications; and Chevron communications manager Toby Nebrida made the announcements.

Petron raised the cost of regular gasoline by P1 per liter and diesel and kerosene by P0.50 a liter effective 6 a.m., while Shell, Chevron and Seaoil effected the same prices at 12:01 a.m.

Eastern and Flying V had also hiked prices of their kerosene products by P0.50 a liter.

Chevron also increased the price of its E10 gasoline by P1 per liter, Nebrida said.

Eastern Petroleum president Fer Martinez explained that the recent increase reflected the $11-hike in finished petroleum products since the beginning of the month.

Similarly, Kanapi said the move to hike prices of petroleum products was to ?reflect higher product costs.?