Filipino motorists could be paying more than P100 per liter for diesel again as another sharp fuel price hike looms next week due to lingering geopolitical conflict in the Middle East. 

Industry estimates based on Monday to Thursday data indicate diesel prices could rise by P6 to P6.50 per liter next week, while gasoline is seen increasing by P5.50 to P6.00 per liter. 

If realized, regular diesel in Metro Manila would retail at P86.88 to P101.07 per liter, with the upper end breaching the P100 mark, while premium gasoline (RON97/100) could climb to P77.35 to P105.75 per liter.

The projected increase follows this week's hefty pump price hikes of P10.68 per liter for diesel and P3.65 per liter for gasoline.

Leo Bellas, president of Jetti Petroleum Inc., said global oil prices have rebounded as renewed conflict in the Middle East threatens one of the world's most critical energy shipping routes.

"World oil prices have rebounded significantly due to concerns of further disruption to oil supply as the Strait of Hormuz remains largely closed to vessel traffic, and growing security risks in the Bab el-Mandeb Strait expanded the conflict and raised the threat to global energy supplies and trade beyond the Persian Gulf," Bellas said on Friday.

He said diesel prices have risen the most as fears over supply disruptions intensified.

"Diesel price benchmarks surged further amid renewed supply concerns. As the Gulf is a major source of diesel and tanker flows were only beginning to recover before hostilities flared again, renewed military strikes and a reciprocal blockade of the Strait of Hormuz by the US and Iran have raised fresh supply concerns. Refinery disruptions and further constraints on Middle Eastern and Russian supply are keeping middle distillate supplies tight, and prices elevated," he said.

Gasoline prices have also continued to strengthen despite improving exports from China, as geopolitical risks remain the dominant driver of the market.

"Tight global gasoline balances amid strong demand and low inventories, compounded by the flare-up in hostilities in the Middle East, have strengthened prices.

Despite easing in Chinese export restrictions and a rise in prompt supply from China, renewed risk of supply disruptions and lingering concerns about the delayed recovery of Middle Eastern gasoline exports have helped buoy gasoline prices further," Bellas said.