Fuel prices to drop for second straight week

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

Starting tomorrow morning, fuel retailers will implement a rollback of P0.70 per liter for gasoline, P0.10 per liter for diesel, and P0.80 per liter for kerosene. This follows last week’s larger reductions of P1.40 per liter for gasoline, P1.80 per liter for diesel, and P2.20 per liter for kerosene.

“Oil product prices continue to decline in the market due to improving conditions in the Middle East and the potential for increased supply from the Organization of Petroleum Exporting Countries,”  the Department of Energy said Monday.  

Separately​, Jetti Petroleum Inc. President Leo Bellas said the world crude and refined fuel prices declined due to easing geopolitical risks, the possibility of another OPEC+ output hike in August that could boost supply, and worries over a potential economic slowdown brought on by prospects of higher US tariffs.

Despite these developments, Bellas noted that oil prices have remained within a narrow range as the market continues to weigh stronger demand signals from China and the expected increase in Saudi Arabia’s selling prices to Asian buyers in August.