Gas Prices Expected to Drop After Ceasefire Announcement

Oil industry sources expect fuel prices to decrease next week due to a ceasefire between Iran and Israel. Gasoline prices may drop by P1 to P1.40 per liter, while diesel prices could decline by P1.60 to P2.10 per liter. Kerosene prices are anticipated to decrease by P2 to P2.20 per liter. These projections are based on the four-day trading of Mean of Platts (MOPS) Singapore, the pricing benchmark for refined goods in Southeast Asia.

According to Department of Energy-Oil Industry Management Bureau Director Rodela Romero, \"Based on the four-day trading in the MOPS, we are expecting a rollback in the prices of petroleum products by next week. The main reason for this is the announcement of United States President Donald Trump of a ceasefire between Israel and Iran.\"

Jetti Petroleum President Leo Bellas mentioned, \"Local fuel prices are expected to drop next week as concerns over Middle East supply disruption have eased following the ceasefire, with the geopolitical risk premium on prices dropping sharply. The overall 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.\"

This week, oil companies implemented significant fuel price increases. On June 24, gasoline prices rose by P1.75 per liter, diesel by P2.60 per liter, and kerosene by 2.40 per liter. A similar increase was imposed on Thursday.

According to the source: The Manila Times.