MOTORISTS could see another round of big-time hikes in fuel prices this coming week, based on oil industry projections, as global oil prices continue to soar due to the Ukraine-Russia conflict.

In its fuel price forecast for June 14 to 20 trading week, Unioil said the price per liter of diesel may surge by P4.30 to P4.50 while gasoline prices may go up by P1.50 to P1.60 per liter.

This means diesel would have logged around P10 increase in the last two weeks after recording a P6 per liter increase last Tuesday.

Kerosene is also projected to go up by P4.75 to P5 per liter.

The oil embargo has been cited anew as the reason for the continued rise in oil prices, as European countries refuse to import oil from Russia, amid the conflict with Ukraine.

The lockdowns in China are continuing to loosen up, which play a major factor as well in increasing prices.

Oil companies usually announce fuel price adjustments every Monday, to be implemented on the following day.

On June 7, fuel firms hiked gasoline prices by P2.70 per liter and diesel by P6.55 per liter, bringing the year-to-date adjustments to stand at a net increase of P26.55 per liter for gasoline and P36.85 per liter for diesel.