Sharp drop for fuel prices seen next week

National

‎FUEL prices are expected to significantly decline next week.

The projection will have diesel possibly going down by P6.50 to P8.50 per liter, while gasoline may drop by P2.50 to P4.50 per liter, according to an industry source who spoke to Philstar.

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‎The projection is based on the first two trading days of the Mean of Platts Singapore, the benchmark used in pricing refined petroleum products in the Asia-Pacific region.

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‎Further declines may follow as global oil market movements are influenced by the expected signing of a peace agreement in Switzerland. Analysts said additional adjustments could be reflected in domestic pump prices once a full week of trading data is completed.

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‎Energy Sec. Sharon Garin said the government is closely monitoring developments in the Middle East, describing its position as “watching closely and cautiously with optimism.” She noted that tensions in the Strait of Hormuz continue to have an impact on fuel costs, electricity rates, and household expenses.

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‎Earlier this week, oil companies implemented price rollbacks ranging from P3.71 to P5.71 per liter for diesel and P0.50 to P2.50 per liter for kerosene.

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‎Gasoline prices also moved lower by P0.32 per liter, although some stations recorded increases of up to P1.68 per liter depending on location and timing of adjustments.(Zoe P. Casas, PIT Comm Intern)