Manila, Sept. 11 -- Motorists may face another hefty oil price hike of up to PHP5 per liter next week, an oil industry executive said on Friday.

Citing price developments in Asia and the impact of foreign currency movements, Jetti Petroleum president Leo Bellas said in a message to journalists that diesel prices could rise by PHP2 to PHP2.50 per liter while gasoline prices could increase by PHP4.50 to PHP5 per liter.

He said renewed military operations in the Middle East "heightened concerns about oil flows from the region."

Diesel prices remain on the uptrend because of lower global supply and increasing demand, he said.

"Reduced exports from the Middle East and Russia due to the impacts of the wars in Iran and Ukraine and lower US e...