(UPDATE) LOCAL oil companies on Tuesday hiked all fuel prices again this week due to the recent conflict in the Middle East. Shell, Seaoil, PetroGazz, Cleanfuel, Caltex, Unioil, Jetti Petroleum, PTT Philippines, and Flying V raised their gasoline prices by P1.90 per liter and their diesel prices by P1.20. Also, the price of kerosene has gone up by P1.50 per liter. This was the seventh consecutive week of fuel price increases. Local oil industry sources said the recent conflict in the Middle East was the main driver of the increases, following attacks on Iran by the United States and Israel. They added that local fuel prices are expected to be volatile in the next few weeks as the market monitors developments. They warned that if this conflict does not settle soon, it could push global oil prices to $100 per barrel. “We have yet to see any clarity on where the latest developments in the Middle East will lead or for how long. Given the current situation, we expect high volatility in oil prices in the near term. In terms of supply, I also believe most oil companies are compliant with the minimum 15-day inventory requirement, and are actually probably closer to 30 days’ worth of stocks,” Jetti Petroleum President Leo Bellas said in an online message. “But if disruption is prolonged, crude oil prices could reach and breach the $100 mark, despite the possibility that countries like China would draw from their reserves to support supply in Asia,” he added. Meanwhile, the Department of Energy also announced that starting next week, it is considering staggering the increase in local fuel prices similar to last year, if they reach a P3-per-liter spike in a single price adjustment. “We have been meeting with local oil companies, and one of the things being considered is staggering the increase in local fuel prices again, just like last year, if the conflict does not de-escalate and price adjustments reach that level, or around P3 per liter. We hope it will not go that far,” Department of Energy-Oil Industry Management Bureau Director Rino Abad said in an online message. Last week, local oil companies increased gasoline prices by P0.60 per liter and diesel prices by P1.20. On a year-to-date basis, gasoline now has a net increase of P6.70 per liter, diesel has a net increase of P9.50, and kerosene has a net increase of P7.50.