Pump price rollback seen next week
Motorists in the Philippines can expect a significant rollback in diesel prices next week, with gasoline prices also seeing a slight decrease. The price adjustments are attributed to global market fluctuations and potential diplomatic developments regarding oil trade routes.
Why it matters
Fuel price volatility directly impacts the cost of living and transportation expenses for the general public.
MANILA, Philippines - September is set to start on a good note for motorists, with diesel prices expected to drop by P3.50 to P4 per liter next week.
Gasoline prices are also seen rolling back, although by a much smaller P0.25 to P0.75 per liter.
The projections are based on the four-day average of Mean of Platts Singapore prices and movements in foreign exchange rates.
The final adjustments, which are expected to be announced on Monday, will still depend on the outcome of the last trading day.
Jetti Petroleum president Leo Bellas said prices fell this week amid signs that talks could resume to end the war and reopen the Strait of Hormuz, a key trade route for oil and gas shipments.
"Iran said it had resumed talks with Oman, although the physical supply picture reflects a still-constrained market and supply disruption risks remain," Bellas said yesterday.
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