Manila: Fuel prices are anticipated to rise by PHP1.40 per liter next week, influenced by ongoing geopolitical concerns affecting investors.

According to Philippines News Agency, Leo Bellas, president of Jetti Petroleum, reported on Friday that gasoline prices are expected to increase by PHP0.60 to PHP0.80 per liter, while diesel prices could see a rise between PHP1.20 to PHP1.40 per liter. This projection is based on recent price trends in Asian markets.

The increase in oil prices this week is attributed to the fresh US sanctions on Russian companies, which follow sanctions imposed by Britain last week. These actions could lead to tighter physical flows of Russian oil, potentially forcing buyers to seek alternative sources and causing significant disruptions in supply flows.

If the forecasted increase in gasoline prices materializes next week, it will mark the third consecutive week of rising prices. Last week, oil companies raised gasoline prices by PHP0.10 per liter, while diesel prices were reduced by PHP0.70 per liter.