MANILA, Philippines -- (UPDATE) Petron Corp. and independent oil player Phoenix Petroleum Inc. announced on Tuesday that they would raise oil prices effective Wednesday morning.

At 12:01 a.m., Petron will raise the prices of gasoline and kerosene by P1.50 per liter and diesel by P2 per liter, said spokesperson Virginia Ruivivar.

Petron will also raise the prices of its liquefied petroleum gas by P2 per kilogram.

However, Ruivivar said that Petron's price adjustments would only take effect in Luzon.

Phoenix earlier announced it will raise the price of diesel by P2 per liter and gasoline by P1.50 per liter starting 6 a.m. Wednesday, said lawyer Raymond Zorilla.

Zorilla said the move was to allow the company to recover its losses after Executive Order 839 was lifted Monday. EO 839 put a price cap on oil prices at their October 15 levels.