Manila, Sept. 5 -- Oil prices are projected to increase anew next week from PHP1 to PHP1.50 per liter on supply-related issues.

Citing price movements based on the benchmark Mean of Platts Singapore (MOPS) and the developments in the foreign exchange, Jetti Petroleum president Leo Bellas said the price per liter of diesel is forecast to increase between PHP1.30 and PHP1.50, and gasoline between PHP1 and PHP1.20.

"Oil prices have increased on worries of supply disruptions after Russian oil flows dropped significantly as the country's oil processing facilities suffered serious damage from Ukrainian attacks. Worries of possible tighter supply ahead due to fresh US sanctions that targeted Iran's oil revenue stream and initial market expecta...