More good news for motorists as fuel price cuts loom

National

HOPES of an end to the Middle East conflict are translating into fresh prospects of cheaper fuel for Filipino motorists, with another round of pump price reductions expected next week.

Based on the first four days of trading in the regional benchmark Mean of Platts Singapore (MOPS), diesel prices could decrease by P4 to P5 per liter, while gasoline may go down by P3 to P4 per liter.

The projected adjustments remain subject to change, with one trading day left in the pricing period. The Department of Energy (DOE) is expected to announce the final figures on Monday, ahead of their implementation on Tuesday.

Jetti Petroleum president Leo Bellas said diplomatic developments have continued to put downward pressure on oil prices despite persistent concerns over supply disruptions.

“Diplomatic headlines continue to push oil prices lower this week despite lingering supply risks,” Bellas said in a Philstar report.

He also pointed to attacks on Saudi energy infrastructure as a source of concern for global oil supplies, noting that the threat of possible disruptions had triggered a rebound in oil prices.

The expected rollbacks follow this week’s substantial price cuts, when gasoline, diesel and kerosene prices fell by P16.80, P4.10 and P3.70 per liter, respectively.

The earlier reductions came amid declining global crude prices, driven by easing tensions between the United States and Iran. Oil markets also reacted to the US midterm elections, where President Donald Trump’s Republican Party suffered a crushing defeat.(MyTVCebu)