AFTER weeks of rising costs, relief is on the way for motorists, with fuel prices projected to drop starting Tuesday, August 12.

Industry projections indicate a possible per-liter reduction of P0.40 to P0.60 for gasoline, P1.30 to P1.50 for diesel, and roughly P1.20 for kerosene. These estimates are based on trading trends in the global oil market over the past four days.

Final adjustments will be announced on Monday, August 11.

Increased OPEC+ production and ongoing uncertainty over US tariff policies were cited by the Department of Energy (DOE) as key factors behind the expected rollback.

Market volatility is also being driven by broader geopolitical developments, according to Jetti Petroleum president Leo Bellas.

“Recent developments that raised expectations for a diplomatic end to the war in Ukraine have also caused oil prices to weaken further,” Bellas said in a Philstar report.

He added that growing supply from China is “putting pressure on Asian diesel and gasoline price markers” as refiners there ramp up output.

The anticipated rollback comes after last Tuesday’s increases of P1.90 per liter for gasoline, P1.20 for diesel, and P1 for kerosene.(MyTVCebu)

• Tags
• #Fuel Prices
• #Gasoline
• #Diesel
• #Kerosene
• #Global Oil Market
• #OPEC+ Production
• #US tariff policies
• #Department of Energy
• #DOE
• #rollback
• #Leo Bellas