GASOLINE and diesel prices are expected to increase next week, as the market reacted to recent global oil-related developments, local oil industry sources said on Friday. They said that gasoline prices could either stay flat or rise by P0.10 per liter, while diesel prices could increase by about P0.30 to P0.50 per liter. These estimates are based on the four-day trading of Mean of Platts, Singapore, the pricing basis of refined goods in Southeast Asia. According to sources, global developments include new sanctions against certain oil-producing countries and a possible peace deal between Russia and Ukraine. “Oil prices have been slightly increased because of geopolitical developments as the US imposed tougher sanctions on Venezuela and due to intensified attacks by Ukraine on Russian oil infrastructures, which in turn have raised the risk of supply disruptions,” Jetti Petroleum president Leo Bellas said.