Gasoline prices may increase by more than ₱3 per liter next week, while diesel and kerosene prices are expected to decline, oil industry sources said.

According to a report by RH Jecelle Ricafort, gasoline prices could rise by ₱2.90 to ₱3.20 per liter, while diesel prices may drop by ₱0.40 to ₱0.60 per liter. Kerosene prices are also expected to decrease by ₱1.40 per liter.

The projected gasoline price hike comes amid concerns over potential disruptions to energy supplies in the Middle East due to ongoing fighting in the region. There are also fears that the United States could attack Iran following the U.S. midterm elections.

However, expectations of a breakthrough in diplomatic efforts to end the eight-month conflict have helped temper the potential increase in fuel prices.

The estimates are based on four days of trading in the international oil market. The projected adjustments could still change depending on the results of Friday's final trading session.