Diesel prices could rise by as much as P3.00 per liter next week as tighter global fuel supplies outweigh easing crude oil prices, while gasoline prices are expected to be mixed, based on industry estimates.

Based on the first four trading days' Mean of Platts Singapore and foreign exchange averages, industry data indicated diesel prices could increase by P1.00 to P3.00 per liter. Gasoline prices, meanwhile, may either decline by P1.00 per liter or increase by as much as P1.00 per liter.

If realized, diesel prices in Metro Manila would range from P63.60 to P82.99 per liter.

Gasoline prices could range from P69.20 to P97.60 per liter for RON97/100, P67.00 to P93.78 per liter for RON95, and P64.20 to P88.13 per liter for RON91, based on prevailing retail prices.

Jetti Petroleum Inc. President Leo Bellas said Friday that recent attacks in and around the Strait of Hormuz underscore how quickly geopolitical tensions can disrupt one of the world's most critical oil shipping routes.

"Last week's attacks on commercial vessels and the military strikes by the US and Iran over the weekend have exposed the fragile normalization of commercial traffic in the Strait of Hormuz," Bellas said.

He said the diesel market remains under pressure despite softer crude oil prices.

"While crude oil prices have softened because of easing supply concerns and optimism over the US-Iran peace talks, diesel and middle distillate prices have strengthened due to signals of tight fundamentals," he said.

Bellas said gasoline prices have been more stable, supported by steady demand across Asia but tempered by ample regional supply.

"Asian gasoline prices are buoyed by firm demand and limited exports from China, although further upside is capped by signs of healthy supply in the region," he said.

This week, gasoline prices ranged from a P0.10-per-liter rollback to a P1.90-per-liter increase.

Diesel prices ranged from a P1.16-per-liter rollback to a P0.84-per-liter increase, while kerosene prices ranged from a P0.78-per-liter rollback to a P1.22-per-liter increase.