I found a lot of PHP web hosting on internet, some cheap some highly expensive. After few research on hosting forums I collected some cheap high quality web hosting for PHP site. Here are the list of Good quality PHP website hosting :

1. ExclusiveHosting"Best Choice"
PHP and MySQL support web hosting. Price $2.95/month Free Setup
+ Free Domain Registration, Almost all features included in package.
- Paid Annually but you have 30 day money guarantee

2. HostMonster
PHP and MySQL support hosting. Price $4.95/month Free setup, Free Domain
+ Big Storage (300GB), Accept Multiple Domain (You won't wasted that big space :), 100 MySQL Database

3. WhipOrbit
PHP and MySQL support web hosting. Price $1.50/month Free setup
+ 3 MySQL Database, support almost all PHP hosting needs.
- Not included domain name

4. SiteFlip
PHP and MySQL support web hosting. Price $0.99/month Free setup
+ Unlimited MySQL database, Good upgrade option
- Domain not included, $8.8 domain registration annually

5. BigBlueHost
PHP and MySQL support web hosting. Price $3.95/month Free Setup
+ Unlimited MySQL, all features included, one month free if you paid annually.
- Not included domain name