Manila, Sept. 18 -- Domestic fuel prices are likely to increase by as much as PHP10.50 per liter due to the sustained escalation of tensions in the Middle East.

Citing price developments in the Asian market and the movement of foreign exchange as of Thursday, Jetti Petroleum president Leo Bellas, in a message to journalists on Friday, said diesel prices are forecast to rise between PHP10 and PHP10.50 per liter and gasoline between PHP4.50 and PHP5 per liter.

These figures are way higher than the PHP4.69 per liter hike in gasoline prices and PHP5.18 per liter for diesel this week, based on data released by the Department of Energy (DOE) on Tuesday. Kerosene also rose by PHP5.58 per liter.

"Oil prices surged higher after attacks in the...