Small oil players Flying V Philippines and Eastern Petroleum made good on their word to hike pump prices again this week, adding P1.50 per liter on all their fuel products effective at the strike of midnight last night.

“A price hike worth P1.50 per liter on gasoline, diesel, and kerosene will take effect at 12:01 a.m. Tuesday,” said Joey Cruz, Flying V’s vice president for network retail operations.

Fernando Martinez, Eastern Petroleum president, said his company would implement a similar price adjustment. Martinez is also chairman of the Independent Philippine Petroleum Companies Association (IPPCA) that groups new and smaller players in the oil industry.

Last November 18, Flying V also increased its fuel prices by P2 per liter, while Eastern Petroleum raised its diesel by P2, gasoline (unleaded) by P1.25, and kerosene by P1.50. It was the companies’ first hike after Malacañang lifted Executive Order 839 which banned oil firms from jacking up prices in Luzon.

In anticipation of the EO lifting, Flying V President Chito Villavicencio projected that the firm would need a total hike of P4.50 a liter to recover purported losses caused by the “price freeze.”

Other small players have echoed the position, although they promised to hike prices in a weekly, staggered manner and in smaller increments.

Cruz said the firm intended to delay the implementation of this week’s hike, but current movements in the world market made it impossible.

Following Monday’s hike, Flying V and Eastern Petroleum have raised its pump prices by as much as P3.50 a liter after the lifting of EO 839.

This means that the companies’ retail price of diesel stands at P31.50 and gasoline (unleaded) at R40. Bigger oil firms like Petron, Shell and Chevron have yet to announce a price adjustment although they would surely follow.

“We will reflect changes in the world market next week as they happen,” Cruz added.

Among those that raised fuel prices last week were oil giants Pilipinas Shell, Petron Corp. and smaller firms Phoenix Petroleum Philippines and Unioil Philippines.