Manila, Aug. 1 -- Oil prices will likely increase again next week on global market developments, such as the US-EU trade deal, which reduced the tariff of European exports to the United States to 15 percent, and supply-related factors.

Citing the benchmark for refined petroleum products, the Mean of Platts Singapore (MOPS), and the foreign exchange average as of Thursday, Jetti Petroleum, Inc. president Leo Bellas said diesel prices could increase by PHP0.80 to PHP1 per liter and gasoline prices by PHP1.50 to PHP1.70 per liter.

"The oil markets responded positively following the trade deal between the US and European Union, while the threat of US sanctions on Russia and buyers of Russian oil has also helped support oil prices this week,...