FOLLOWING a blockbuster run of price hikes, the fuel market is due for a sequel motorists actually want: over P2 per liter in expected rollbacks, thanks to calming tensions in the Middle East and shifting global demand.

The Department of Energy (DOE) projects notable rollbacks in fuel prices next week, signaling relief after successive hikes that have strained motorists and transport operators alike. Diesel prices may decline by P1.60 to P2.10 per liter, while kerosene could drop by P2 to P2.20 per liter. Gasoline, meanwhile, is expected to decrease by P1 to P1.40 per liter, according to DOE Oil Industry Management Bureau assistant director Rodela Romero.

DOE Oil Industry Management Bureau assistant director Rodela Romero said the anticipated rollback stems from weakening global crude prices, largely influenced by geopolitical developments. She pointed to the announcement of a possible ceasefire between Israel and Iran as a major factor pulling oil futures downward.

Jetti Petroleum president Leo Bellas attributed the downward trend to the cooling of geopolitical risks. “The market’s focus returned to fundamentals with the de-escalation of the conflict, with prices recovering from the drop early this week on the back of higher demand,” Bellas said in a Philstar report.

He also noted that fears of a major supply disruption—particularly from Iran’s earlier threat to block the Strait of Hormuz—have started to fade, allowing oil markets to stabilize.

Fuel prices surged sharply this week, with gasoline climbing by P3.50 per liter, diesel by P5.20, and kerosene by P4.80. Oil companies responded by implementing staggered adjustments to cushion the blow on consumers.(MyTVCebu)

• Tags
• #Fuel Price
• #Oil Price Hike
• #Rollback
• #Middle East
• #Department of Energy
• #Diesel
• #Gasoline
• #Kerosene
• #Oil Industry Management Bureau
• #Rodela Romero
• #Leo Bellas
• #Jetti Petroleum