(UPDATE) DIESEL prices are expected to increase slightly, while gasoline prices would barely move next week, as the market grew cautious amid geopolitical tensions, local oil industry sources said Friday. They said that diesel prices will go up by around P0.20 to P0.40 per liter, while gasoline prices could either increase or decrease by P0.10 per liter. These estimates are based on the three-day trading of Mean of Platts, Singapore, the pricing basis of refined goods in Southeast Asia. Aside from geopolitical tensions, expectations of global oversupply and weak demand from major oil consumers, such as China, have tempered further increases in prices. “While the average of both diesel and gasoline Mean of Plats, Singapore prices this week have declined slightly versus last week as regional refinery output has recovered post the turnaround period, the freight and premium components of the price buildup have remained elevated due to growing concerns that the continuing geopolitical developments could disrupt oil supplies,” Jetti Petroleum president Leo Bellas said. “Next week, fuel prices are expected to barely move due to several developments, including geopolitical risk/sentiment, expectations of global oversupply, and weak demand expectations, especially from major consumers like China,” Department of Energy-Oil Industry Management Bureau director Rodela Romero said. This week, diesel prices went up by P0.60 per liter, while gasoline had no price adjustments.