Another round of fuel price rollback expected next week
In its price indication for next week, based on Mean of Platts Singapore (MOPS) trading in the past four days, Jetti Petroleum said the following are the estimated downward movements in petroleum products:
Diesel - down by P0.20 to P0.40 per liter
Gasoline - down by P0.80 to P1.00 per liter
'Prices fell this week as the risk premium built into crude oil and refined fuel products gradually unwinds due to easing of tensions in the Middle East,' Jetti said.
'The prospect of additional supply from another OPEC+ output increase, and worries about the impact on the economy and fuel demand driven by US tariff uncertainty have also weighed on prices,' the fuel company said.
Oil companies announce official price adjustments every Monday, which will be implemented on the following day.
This week fuel retailers slashed the per liter prices of gasoline by P1.40, diesel by P1.80, and kerosene by P2.20.
Firms last week hiked prices per liter of gasoline by a cumulative P3.50, diesel by P5.20, and kerosene by P4.80.
'Price gains from concerns that the lingering dispute over Iran's nuclear program could again evolve into armed conflict were pared by demand worries in the US, following the unexpected build in crude oil and gasoline inventories,' Jetti said. —VAL, GMA Integrated News
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