By el Amigo
MANILA, Philippines — Motorists across the country may soon enjoy lower fuel costs, with pump prices of diesel and gasoline expected to decline by as much as P5 per liter next week following a drop in international oil prices.
Industry estimates indicate that retail prices could be reduced by P4.50 to P5.00 per liter starting August 11, according to Jetti Petroleum President Leo Bellas.
The projected rollback comes after global crude prices weakened amid growing optimism that diplomatic efforts between the United States and Iran could help ease tensions in the Middle East. The improved outlook has reduced fears of potential disruptions to global oil supplies, prompting prices to retreat.
Despite the downward trend, Bellas noted that risks have not completely disappeared, as continued security concerns along key shipping routes in the Red Sea remain a factor that could influence oil markets.
The forecast was based on movements in the Mean of Platts Singapore (MOPS) during the first four trading days of the pricing cycle, as well as prevailing foreign exchange rates used to determine local fuel prices.
Oil companies are scheduled to announce their official price adjustments on Monday, with the revised pump prices expected to take effect the following day.
If the estimates hold, the rollback would be among the largest fuel price reductions in recent months, offering much-needed relief to private motorists, public transport operators, and businesses affected by volatile fuel costs.
elamigo/xf
