Manila: Motorists may face another oil price hike of up to PHP5 per liter next week, an oil industry executive said on Friday. According to Philippines News Agency, Jetti Petroleum president Leo Bellas cited price developments in Asia and the impact of foreign currency movements, indicating that diesel prices could rise by PHP2 to PHP2.50 per liter, while gasoline prices could see an increase of PHP4.50 to PHP5 per liter.

Bellas noted that renewed military operations in the Middle East have heightened concerns about oil flows from the region. Diesel prices are on an upward trend due to lower global supply and increasing demand, compounded by reduced exports from the Middle East and Russia, impacted by the conflicts in Iran and Ukraine. Additionally, lower US exports have further intensified supply concerns.

For gasoline, Asian prices have risen amid strong demand and supply issues, coupled with uncertainty due to lower Chinese exports and multiple refineries in the Far East undergoing planned maintenance. Depressed Middle East exports and Russia's gasoline export ban have further contributed to these supply concerns. This projected oil price hike next week follows a recent increase of up to PHP5.58 per liter this week.