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Fuel Price Cuts Expected Next Week Amid Easing Middle East Tensions
Motorists in the Philippines may see a significant rollback of around P5 per liter for diesel and gasoline next week, specifically by August 11. This anticipated price cut is attributed to the easing of Middle East tensions, which has led to a decrease in international oil prices.
Motorists in the Philippines may get relief next week as easing Middle East tensions drive bigger diesel and gasoline price rollbacks of about P5 per liter. Based on estimates from Jetti Petroleum president Leo Bellas, local diesel and gasoline prices may drop by P4.50 to P5 per liter on August 11. “Oil price retreated as renewed hopes of a diplomatic breakthrough to the US-Iran conflict eased the geopolitical risk premium, despite the lingering uncertainty and persistent risks to Red Sea shipping,” he said Friday. The estimates were based on the first four days of trading in the Mean of Platts Singapore and foreign exchange movements. Fuel retailers will announce their official price adjustments on Monday.
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