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Philippines Sees Minor Fuel Price Rollback Next Week Amid Volatile Oil Market
Fuel retailers in the Philippines are set to implement a slight rollback on diesel and gasoline prices next week, following five consecutive weeks of increases. However, geopolitical tensions in the Middle East could lead to renewed price hikes due to supply concerns.
MANILA, Philippines — Motorists will get slight relief as fuel retailers roll back diesel and gasoline prices next week after five weeks of hikes. Leo Bellas, Jetti Petroleum president, said diesel could dip by 50 centavos to P1 per liter. Gasoline prices may also fall by P1 to P1.50 per liter. Bellas said global oil prices “weakened” earlier this week as investors became more hopeful for a ceasefire between the United States and Iran. However, he said prices rose again as attacks resurfaced in the Middle East, fueling market supply concerns. “Both diesel and gasoline products face further potential supply tightness as geopolitical tensions continue to disrupt regional refinery operations,” Bellas added. /pai INQ
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Inquirer Business