Motorists can expect another round of fuel price rollbacks next week, marking the second straight week of declines even as tensions in the Middle East persist.

Jetti Petroleum, Inc. President Leo Bellas said Friday that based on the first three trading days of the week, diesel prices may drop by P0.40 to P0.60 per liter, while gasoline may see a bigger reduction of P1.00 to P1.20 per liter.

"World crude oil and refined fuel prices fell this week due to easing geopolitical risk, the prospect of another OPEC+ output hike in August that will lead to an increase in supply, and concerns of economic slowdown driven by prospects of higher US tariffs," Bellas said.

He noted that, despite these factors, oil prices have remained range-bound as markets weigh positive demand indicators from China and expectations that Saudi Arabia will raise its selling prices to Asian buyers in August.

According to Bellas, the oil markets also reacted to new developments, including Iran’s suspension of cooperation with the International Atomic Energy Agency, which pushed crude prices higher. 

The US-Vietnam trade deal added to the upward pressure, but gains were tempered by a surprise increase in US crude inventories.

The final adjustment will be announced by oil companies on Monday morning.

Effective 1 July, fuel retailers cut prices by P2.20 per liter for kerosene, P1.80 for diesel, and P1.40 for gasoline, offering relief after the previous week’s sharp hikes of P3.50, P5.20, and P4.80 per liter, respectively.