(UPDATE) DIESEL and gasoline prices are expected to increase again for the fifth consecutive week, as the global market reacts to tensions between the US and Iran and tight oil supply due to changes in demand, local oil industry sources said on Friday. They said diesel will increase by P0.50 to P0.70 per liter, while gasoline prices could rise from P1.40 to P1.60 per liter. These estimates are based on the 4-day trading of Mean of Platts, Singapore, the pricing basis for refined goods in Southeast Asia. As mentioned earlier, the continued geopolitical tensions between the US and Iran, the rejection of Russian crude by some countries, and the increase in oil demand due to the Lunar New Year are among the reasons for next week’s increases. “Oil prices have remained elevated and volatile this week as the threat of US-Iran conflict remains, with Iran-related Western sanctions and tariff threats on countries buying Iranian goods have added to the price volatility,” Jetti Petroleum president Leo Bellas said. “In addition, global oil supply is tightening as India and Europe are shifting away from discounted Russian crude, and this, in turn, has made oil prices remain elevated. Furthermore, the strong buying interest in the region and seasonal uptick in demand during the upcoming Lunar New Year are also factors for the high prices,” he added. “However, there was a positive factor as the stronger Philippine Peso this week versus the US dollar has helped prices from going up further,” Bellas continued. This week, all fuel prices increased as gasoline prices went up by P0.60 per liter, and diesel prices by P1.00 per liter.