After back-to-back fuel price hikes this week, Filipino motorists might soon catch a break at the pump.<\/p>\n
According to the Department of Energy (DOE), early market indicators suggest that petroleum prices could roll back next week\u2014though officials remain cautious about confirming anything just yet.<\/p>\n
\u201cFor two days, based on MOPS (Mean of Platts Singapore)\u2026 may chance mag roll back (there\u2019s a chance of a rollback),\u201d said DOE Oil Industry Management Bureau Assistant Director Rodela Romero in an interview with GMA News Online.<\/p>\n
However, Romero emphasized that the situation remains fluid, adding it\u2019s still \u201ctoo early\u201d to be certain of a price reduction.<\/p>\n
Local fuel player Jetti Petroleum echoed this sentiment in its own forecast based on early-week trading. The company said price changes may fall within these ranges:<\/p>\n
Diesel: A rollback between \u20b10.80 to \u20b11.10 per liter<\/p>\n
Gasoline: Movement could be either a \u20b10.10 increase or a \u20b10.20 rollback per liter<\/p>\n
\u201cAbove are still subject to change, depending on the MOPS of the remaining days of the week,\u201d Jetti stated.<\/p>\n
For context, MOPS (Mean of Platts Singapore) serves as the benchmark for pricing petroleum products across Southeast Asia. It reflects the daily average of transactions between fuel buyers and sellers, as reported by Standard and Poor\u2019s Platts.<\/p>\n
Jetti linked the potential rollback to global developments, particularly the cooling tensions in the Middle East. The petroleum firm noted that the easing of geopolitical risks helped reduce oil prices globally. It cited the \u201ceasing of war risk premium on crude oil following the de-escalation of the conflict\u2026[as] world oil prices further went down after the ceasefire agreement between Israel and Iran, reducing the risk of supply disruption in the Middle East.\u201d<\/p>\n
This aligns with DOE\u2019s earlier observation. Officer-in-charge Sharon Garin said the average price of crude oil dropped to around $69 per barrel as of Tuesday morning, June 24, following the announcement by US President Donald Trump that a ceasefire between Israel and Iran had taken effect.<\/p>\n
Still, any relief from high fuel costs would follow a painful week for consumers. On Tuesday, June 24, major fuel companies implemented the second half of a scheduled price increase:<\/p>\n
Gasoline rose by \u20b11.75 per liter<\/p>\n
Diesel climbed by \u20b12.60 per liter<\/p>\n
Kerosene prices went up by \u20b12.40 per liter<\/p>\n
Whether next week brings a rollback or not will depend on market performance over the coming days\u2014but for now, there\u2019s at least a glimmer of hope for drivers.<\/p>\n","protected":false},"excerpt":{"rendered":"
After back-to-back fuel price hikes this week, Filipino motorists might soon catch a break at the pump. According to the Department of Energy (DOE), early market indicators suggest that petroleum prices could roll back next week\u2014though officials remain cautious about confirming anything just yet. \u201cFor two days, based on MOPS (Mean of Platts Singapore)\u2026 may chance mag roll back (there\u2019s a chance of a rollback),\u201d said DOE Oil Industry Management Bureau Assistant Director Rodela Romero in an interview with GMA News Online. However, Romero emphasized that the situation remains fluid, adding it\u2019s still \u201ctoo early\u201d to be certain of a price reduction. Local fuel player Jetti Petroleum echoed this sentiment in its own forecast based on early-week trading. The company said price changes may fall within these ranges: Diesel: A rollback between \u20b10.80 to \u20b11.10 per liter Gasoline: Movement could be either a \u20b10.10 increase or a \u20b10.20 rollback per liter \u201cAbove are still subject to change, depending on the MOPS of the remaining days of the week,\u201d Jetti stated. For context, MOPS (Mean of Platts Singapore) serves as the benchmark for pricing petroleum products across Southeast Asia. It reflects the daily average of transactions between fuel buyers and sellers, as reported by Standard and Poor\u2019s Platts. Jetti linked the potential rollback to global developments, particularly the cooling tensions in the Middle East. The petroleum firm noted that the easing of geopolitical risks helped reduce oil prices globally. It cited the \u201ceasing of war risk premium on crude oil following the de-escalation of the conflict\u2026[as] world oil prices further went down after the ceasefire agreement between Israel and Iran, reducing the risk of supply disruption in the Middle East.\u201d This aligns with DOE\u2019s earlier observation. Officer-in-charge Sharon Garin said the average price of crude oil dropped to around $69 per barrel as of Tuesday morning, June 24, following the announcement by US President Donald Trump that a ceasefire between Israel and Iran had taken effect. Still, any relief from high fuel costs would follow a painful week for consumers. On Tuesday, June 24, major fuel companies implemented the second half of a scheduled price increase: Gasoline rose by \u20b11.75 per liter Diesel climbed by \u20b12.60 per liter Kerosene prices went up by \u20b12.40 per liter Whether next week brings a rollback or not will depend on market performance over the coming days\u2014but for now, there\u2019s at least a glimmer of hope for drivers.<\/p>\n","protected":false},"author":1,"featured_media":20947,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[14603],"tags":[7768],"class_list":["post-20946","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-headlines"],"yoast_head":"\n