Fuel prices may decline next week by P1 to P2 per liter after the more than P5 per liter increase this week.
Citing the four-day trading in the Mean of Platts Singapore, Department of Energy Oil Industry Management Bureau Director Rodela Romero said, “We are expecting a rollback in the prices of petroleum products by next week. “
The expected ranges are: gasoline – P1 to P1.40, diesel – P1.60 to P2.10, and kerosene – P2 to P2.20.
“Bearish factor that counterbalance the bullish price last week is the announcement of President (Donald) Trump of possible ceasefire between Israel and Iran, thus crude oil future extends drop,” she added.
Global crude prices surged to more than USD78 per barrel in recent weeks due to the Israel-Iran conflict.
However, prices declined after Trump announced on June 23 a ceasefire, calming markets.*PNA
