Price cuts seen for diesel, gasoline
The motoring public will get a small break from rising fuel prices next week, with possible rollbacks reaching up to P4 per liter on Sept. 1.
Jetti Petroleum Leo Bellas said the per-liter price of diesel may go down by P3.50 to P4. Gasoline prices may also dip by 25 centavos to 75 centavos.
“Prices declined this week as threatened US sanctions fell short of the market’s expectations and viewed the economic pressure as a lower-risk path for physical supply than a military escalation, reducing the oil market’s anxiety and easing immediate supply concerns,” Bellas said in an advisory.
Renewed hopes on a potential end to the Iran war surfaced after Tehran said it had resumed talks with Oman, including the reopening of crucial maritime route Strait of Hormuz.
“However, with the recent rebound in world oil prices following latest reports that the US is not interested in returning to the ceasefire deal terms with Iran, the potential rollback on local pump prices next week could be capped, with risk of pushing to the lower limits of the initial estimated range,” Bellas said.
