Fuel price rollback expected next week

Metro Manila, Philippines - Motorists may breathe another sigh of relief as another price rollback is seen next week amid easing tensions in the Middle East.

The Department of Energy said Friday, July 4, that gasoline is expected to have a downward adjustment of more than P1 per liter, based on the past four trading days.

Diesel may have a reduction of around P0.50 per liter and P0.80 per liter for kerosene.

Oil companies lowered fuel prices this week after the big-time price hike that prompted the staggered increases in the last week of June.

Among the reasons for the possible rollback next week was the “sustained ceasefire between Israel and Iran easing tensions on supply of oil from the Persian gulf,” said Rino Abad, director of the Oil Industry Management Bureau.

Abad also said there was a “high expectation” of OPEC's continued release of 411,000 barrels of oil per day for July increasing supply on the market.

He also cited the possible reimposition of United States tariffs by July 10, as the 90-day suspension on the implementation of higher US tariffs will end on July 9.