Manila, Oct. 31 -- Oil prices are projected to rise up to PHP2.70 per liter in the first week of November, based on price movements as of Thursday.

In a report on Friday, Jetti Petroleum president Leo Bellas said diesel prices are seen to increase between PHP2.50 and PHP2.70 per liter, and gasoline between PHP1.50 and PHP1.70 per liter.

Bellas attributed this in part to sanctions by the US against Russian oil producers Rosneft and Lukoil, which, he said, "account for more than 5 percent of global oil output."

The sanctions, he said, "have introduced significant compliance risks and uncertainty into the market."

"Growing concerns that refined products output will tighten globally due to the US sanctions on key Russian producers have re...