A fresh round of big-time fuel price hikes is looming just days after oil prices went up by nearly P2 per liter, the Department of Energy (DOE) said.

According to a report by RH Jecelle Ricafort, the Oil Industry Management Bureau of the DOE told DZRH that local fuel prices could surge further due to the escalating conflict involving the United States-Israel, and Iran.

While no final figures have been confirmed, the bureau said fuel prices could rise by as much as P2 per liter in the coming weeks.

It has said that trading in the global oil market has been affected following the outbreak of hostilities over the weekend. The tensions have raised concerns over supply disruptions, particularly in the Middle East.

Some shipping companies have reportedly begun avoiding passage through the Strait of Hormuz, a critical chokepoint for global energy supplies.

Around 20 percent of the world’s oil and liquefied natural gas (LNG) supply passes through the strait en route to international markets.

Brent crude prices in the world market have already jumped by about 10 percent. Several international analysts warned that prices could climb to as high as $100 per barrel if tensions continue to escalate.

Earlier Tuesday, oil firms implemented price increases effective 6:00 a.m., with gasoline prices rising by P1.90 per liter, kerosene by P1.50 per liter, and diesel by P1.20 per liter.

The DOE said it continues to monitor global developments and their potential impact on local pump prices.