MANILA, Dec. 5 -- Oil prices will likely increase by as much as PHP1.30 per liter next week as geopolitical issues linger.

Citing price movements as of Thursday, Jetti Petroleum president Leo Bellas, in a report Friday, said gasoline prices may jump between PHP1.10-1.30 per liter and diesel between PHP0.10-PHP0.30.per liter.

"Geopolitical risks and tensions have kept the level of premium and freight elevated, causing the price of diesel to remain elevated despite a drop on the week-on-week Mean of Platts Singapore (MOPS) diesel price averages," Bellas said.

He also explained that "the middle distillate market softened as prospects for a Russia-Ukraine peace deal eased supply concerns, and expectations of rising supplies from possible h...