Fuel prices expected to rollback next week

National

FOLLOWING a hefty increase this week, fuel prices may go down in the coming days.

As a result of the ceasefire between Israel and Iran, industry experts said motorists in the Philippines can anticipate a slight rollback in pump prices next week.

According to Jetti Petroleum president Leo Bellas, analysis of two days of trading in the Mean of Platts Singapore (MOPS) shows average prices "lower versus last week."

MOPS serves as the benchmark for refined petroleum products in Southeast Asia.

Citing the results of a two-day trading in the Bellas said the figures so far averaged “lower versus last week.”

“The decline in prices started with the easing of war risk premium on crude oil following the de-escalation of the (Israel-Iran) conflict,” Bellas said in a Philstar report.

Bellas, however, clarified that the initial indication of domestic price movement may still change, depending on the outcome of trading in the next three days.

“While tension has de-escalated, the situation in the Middle East is still fragile but holding so far. Crude oil prices could be range-bound in the coming days,” he said.

This week, oil companies have already implemented staggered fuel price hikes to mitigate the impact of a significant surge in diesel prices (over P5 per liter).

For the upcoming week, initial data suggests diesel prices could decrease by P0.80 to P1.10 per liter, while gasoline might see a modest cut of P0.10 to P0.20 per liter.(Sarah Balaba/CNU Comm Intern)