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The major oil companies, as well as the small players, have already started raising the prices of fuel. This move seems to be legal as far as the oil firms is concerned since President Gloria  Macapagal Arroyo have already lifted Executive Order 839 before she left for Singapore to attend the Asia-Pacific Economic Cooperation (APEC) last Sunday.

It was small players though who lead the raising of their fuel products, who implemented a price increase on Monday, a day after the EO 839 was lifted. Eastern Petroleum Corp., Unioil Petroleum, Flying V and Phoenix Petroleum Philippines were the first to pump up their gas prices last Monday.

Flying V was among the first to admit that they implemented an increase of P1 to P2 per liter in areas which they said their competitors also raised prices.

Eastern Petroleum meanwhile, has increased the price of their diesel by P2 per litter on Monday, while their gasoline and kerosene were up by P1.25 and P1.50 respectively.

An increase of P1.50 per liter on all its product was implemented by Unioil Petroleum, and Phoenix raised diesel prices by P2 per liter and gasoline by P1.50 per liter.

Following the lead of their smaller counterparts, major players also raised their pump prices from P1.50 to P2 per liter across products effective at 12:01 a.m.

Petron Corporation, Chevron Philippines and Pilipinas Shell Petroleum made their price adjustment, close to midnight on Tuesday.

EO 839 has prohibited companies from raising the prices of fuel products and was mandated to freeze them in their October 15 levels. Since then, these companies have clamoring for its lifting, even filing a motion for the issuance of a temporary restraining order (TRO) which was denied.

One of the conditions of President Arroyo when she lifted EO 839 was that the oil companies will increase their prices on a staggered basis, so expect these increases to have more rounds as companies try to recover what they believed they lost because of the implementation of the price cap.