(UPDATE) GASOLINE and diesel prices are expected to go up again next week, as the geopolitical tensions between the US and Iran continue to influence global oil market prices, local oil industry sources said on Friday. The sources said gasoline prices will rise by around P1.40 to P1.60 per liter, and diesel prices by about 80 centavos to P1 per liter. The estimates are based on the four-day trading of Mean of Platts, Singapore, the pricing basis of refined goods in Southeast Asia. It will be the seventh consecutive week where gasoline and diesel prices are projected to increase. “The uncertainty in the Middle East continues to support diesel and gasoline prices this week as the underlying crude prices continue its upward trajectory,” Jetti Petroleum president Leo Bellas said. “The risk of war between the US and Iran remains the key driver in making crude oil prices remain high, with negotiations still unresolved and both sides signaling readiness to escalate.” Gasoline prices are expected to increase “because of lower exports from China and South Korea due to the Lunar New Year holidays,” Bellas added. “What tempered the further increase in prices was the renewed tariff uncertainty, and the potential resumption of production increases by OPEC+ starting in April, following a first quarter pause which in turn could drive inventory builds and help temper price gains,” he said. Department of Energy-Oil Industry Management Bureau Director Rodela Romero said fuel prices are expected to increase next week, since “the US sanctioned 12 more tankers transporting Iranian crude and continued its massive military build up in the Middle East region, despite the US-Iran talks which was done on Feb. 26. This was the third round of talks made by the two countries.”