Pump prices are set to climb again next week as rising global oil prices—driven by geopolitical tensions, especially involving Iran—continue to push fuel costs higher.

In a text message on Friday, Oil Industry Management Bureau Director Rodela Romero said crude oil and finished petroleum products saw a “short-lived upswing” this week due to fears of supply disruptions from Iran, OPEC’s fourth-largest producer.

“This news contributed to the estimated adjustments for next week in the domestic pump prices and based on the 4-day trading only,” she said.

Romero said gasoline prices may rise by about P0.60 per liter, diesel by P1.35, and kerosene by P1.00, excluding oil companies’ operating costs and other premiums.

Jetti Petroleum President Leo Bellas, however, said diesel prices could increase even more by P1.00 to P1.20.

He said global oil prices jumped due to “the volatile and unpredictable environment arising from the simultaneous geopolitical tensions in Venezuela, Iran and the Black Sea,” despite signs of a possible supply glut.

Bellas added that protests in Iran and the threat of US intervention raised concerns that conflict could disrupt oil flows through the Strait of Hormuz, while drone attacks on oil tankers in the Black Sea added to market fears.

He said recent comments by US President Trump and higher US oil inventories have eased some concerns, but prices remain under upward pressure.

This week, fuel retailers raised gasoline and kerosene prices by P0.30 per liter, and diesel by P0.20 per liter.