OIL companies raised the price of diesel and gasoline by P0.10 per liter effective November 1 to reflect the movement of prices in the world market.
Eastern Petroleum and Flying V issued the separate advisories of the price increase but other oil companies are expected to follow suit.
Last October 25, the oil firms are raised gasoline prices by P0.20 per liter but cut kerosene and diesel prices by P0.15 per liter and P0.10 per liter, respectively.
Oil prices went have been inching up slowly in the past weeks in anticipation of the the Organization of the Petroleum Exporting Countries decision to cut production.
Analysts have varying forecast on how the OPEC action will likely affect oil prices, with some expecting $60 by year-end and others seeing a return to $40.