Small oil players Tuesday announced fuel price hikes in Luzon reaching up to P2 a liter, the first in an anticipated series of increases after the government lifted the controversial Executive Order 839 which froze prices of fuel products starting late October.

Eastern Petroleum President Fernando Martinez said the company will increase its diesel price by P2 per liter and regular gasoline by 85 centavos per liter. Retail price for unleaded gas will be raised between P1.25 and P1.50, he said.

Martinez said the adjustment — the first in a series of three weekly hikes — would take effect past midnight Wednesday.

Flying V President Ramon Villavicencio said that a P1.50 to P2 per liter increase on their pump products would also be implemented “anytime today (Tuesday) or after tonight.”

“We’re looking to adjust prices by P4.50 but it should be staggered, let’s say, spread over three weeks at P1.50 to P2 each week,” said Villavicencio, who did not specify which of their fuel products would be covered.

The price hikes would be the first in nearly a month as oil firms attempt to recover losses they allegedly incurred when the oil price ceiling was imposed.

The two oil executives said the increments of their future hikes would be determined by movements in the world market, particularly in the Mean of Platts Singapore (MOPS) trading.

“Kung bumaba naman ang presyo ay pwedeng bawasan rin yung hike,” said Martinez on the possible effects of MOPS on domestic fuel prices.

But Martinez, who is also chairman of the Independent Philippine Petroleum Companies Association (IPPCA), said there was no sure way of telling how international prices would behave in the coming days.

“Buti na lang nag-stabilize siya (world market price), hindi na tumaas. Kung sakali mahihirapan kami na maka-recover.”

The controversial price cap covering Luzon was rescinded Monday through the newly-issued EO 845.

Under the new EO, oil players were told to provide discounts of P2 per liter on diesel, P1.25 per liter on gasoline and P1.50 per liter on kerosene in areas adversely affected by past typhoons.

These areas include the cities of Marikina, Malabon, and Pasig in Metro Manila; Benguet, Baguio City, Pangasinan, Eastern Laguna, Rizal, Ilocos Norte, Ilocos Sur and Mountain Province.