MANILA—Pump prices are estimated to soar by as much as P3 to P5 per liter next week, based on industry estimates, an effect of the conflict in Ukraine.

This developed as the country saw a 10th straight price hike in oil products, amplified further by Russia's invasion of Ukraine.

• Malakihang oil price hike nakaamba sa susunod na linggo

Diesel prices are expected to go up by as much as P5.30 to P5.50 per liter, while gas could rise by P3.60 to P3.80 per liter.

Meanwhile, kerosene could see a P4.00 to P4.10 increase per liter.

Prior to the recent hike, petroleum prices cumulatively increased by as much as P10 to P11.

Toward the end of February, oil ticked a brief surge of more than $100 a barrel, just as Russia announced a "military operation" on Ukraine. A few days later, WTI crude broke above $110 a barrel.

• WTI crude oil tops $110 on Ukraine-Russia conflict

Russia, the world's third largest oil producer, has been facing economic sanctions due to what is described by reports as the biggest assault on a European state since the Second World War.

• World Bank halts all programs in Russia, Belarus with immediate effect

Local industry players feared that the increase in gas prices may cause a price spike in basic commodities, with their reliance on petroleum in ferrying and producing goods.

But the Department of Trade and Industry said they do not see prices increasing as of now. — With reports by Alvin Elchico and Reuters

Related video

Watch more in iWantv or TFC.tv