Pump prices of petroleum products are expected to rise again next week, extending the price hikes rally as global oil markets remain elevated amid geopolitical risks.

The Oil Industry Management Bureau (OIMB) of the Department of Energy said four-day trading at the Mean of Platts Singapore (MOPS), the regional trading benchmark adopted by the local deregulated industry, points to higher prices across fuel products.

“The estimated adjustments in the prices of petroleum products per liter for next week are as follows: Gasoline, more or less, an increase of P0.95 per liter; diesel. more or less increase of P0.10; and kerosene, more or less increase of P0.25,” OIMB Director Rodela Romero said in a mobile message to the Daily Tribune on Friday.

Romero cited geopolitical tensions as the key driver.

“The strongest factor helping oil prices to move in an upward direction is the geopolitical tensions particularly in Iran,” she said, adding that “the risk of supply disruption through the Strait of Hormuz and the uncertainty around Iran nuclear talks added a risk premium.”

Meanwhile, Jetti Petroleum Inc. President Leo Bellas said price pressures remain pronounced.

“Price movement indication based on this week’s MOPS and Forex average in the first four days only versus last week’s full week average: Diesel to increase from P0.50 to P0.70 per liter and gasoline by around P1.40 to P1.60,” Bellas said.

He said oil prices “have remained elevated and volatile this week as the threat of US-Iran conflict remains,” while noting that “the stronger peso this week versus the United States dollar has helped temper the spike in prices.”

This week, fuel retailers raised pump prices, with gasoline and kerosene up P0.60 per liter and diesel up P1 per liter, amid supply tightness, geopolitical tensions, and seasonal demand.