Fuel price rollback 'possible' next week
'For two days, based on MOPS (Mean of Platts Singapore)… may chance mag roll back (there's a chance of a rollback),' Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero told GMA News Online.
Romero, however, said that it is still 'too early' to be certain that a fuel price reduction could be expected in the coming week.
In its projection, based on MOPS trading in the first two days of the week, Jetti Petroleum said the price movement indication for next week are as follows:
Diesel — Rollback of P0.80 to P1.10 per liter
Gasoline — Hike of P0.10 per liter to a rollback of P0.20 per liter
'Above are still subject to change, depending on the MOPS of the remaining days of the week,' Jetti said.
MOPS is the basis for pricing of refined petroleum products in Southeast Asia.
The local oil industry uses MOPS —the daily average of all trading transactions between buyers and sellers of petroleum products as assessed and summarized by Standard and Poor's Platts.
The petroleum retailer attributed the expected pump price reduction next week 'with the easing of war risk premium on crude oil following the de-escalation of the conflict…[as] world oil prices further went down after the ceasefire agreement between Israel and Iran, reducing the risk of supply disruption in the Middle East.'
DOE officer-in-charge Sharon Garin earlier said the as of Tuesday morning, June 24, the average price of crude oil stood at about $69 per barrel after US President Donald Trump announced that a ceasefire between Israel and Iran was already in place.
For this week, fuel retailers have agreed to implement the big-time hike in petroleum prices in two tranches.
Major petroleum firms hiked the prices per liter of gasoline by P1.75, diesel by P2.60, and kerosene by P2.40, effective 6 a.m. on Tuesday, June 24, 2025.
The same price hikes will be implemented at 6 a.m. on Thursday, June 26, reflecting the second tranche of adjustments. — RSJ, GMA Integrated News
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