MANILA -- The recent attacks of Israel and the Hezbollah against each other in the Middle East may wipe out the small reduction in the price of imported diesel, an oil industry stakeholder said on Friday.

Jetti Petroleum President Leo Bellas expects prices of gasoline to increase next week, while diesel prices might remain as is or go higher due to the impact of the geopolitical tension on world market prices.

Oil prices went down in the last few days of July.

Department of Energy Asst. Director Rodela Romero had earlier said that the escalating conflict between Israel and Hezbollah may trigger a spike in international prices.

LPG PRICES UP

LPG players, meanwhile, have announced the following minimal price hike starting August 1:

Petron: P0.30/kg increase
Solane: P0.27/kg

But LPG manufacturers clarified that the price adjustment will not be implemented yet in Metro Manila and other areas under the state of calamity.

Under the rules, the price freeze for LPG and kerosene will only last for 15 days. But it remains unclear when the actual price increase for LPG will be implemented, since each local government unit has a different declaration of calamity date.

Metro Manila was placed under a state of calamity on July 24 due to the onslaught of typhoon Carina.

Metro Manila declares state of calamity due to Typhoon Carina

Oriental Mindoro, Batangas, Cavite, Bataan and Bulacan were also placed under a state of calamity. 

5 provinces declare state of calamity due to habagat, Carina