Fuel price rollback expected next week

Motorists could heave a sigh of relief in the coming week as pump prices are expected to roll back amid the developments in the Middle East conflict.

"Mukhang nagse-settle na 'yung impact noong renewed conflict for the adjustments. In fact, ang nakikita natin may kaunting pagbaba noong apat na araw," Department of Energy-Oil Industry Management Bureau (DOE-OIMB) director Rino Abad said Friday in an interviewed on Super Radyo dzBB.

(It seems that the impact of the renewed conflict on fuel adjustments has already settled. In fact, we are seeing a slight decrease based on the past four days.)

Abad said the estimated price decreases could be P0.80 per liter for gasoline, P0.50 per liter for diesel, and P2.30 per liter for kerosene.

An oil industry source also said a potential rollback could be expected next week at P0.50 to P1.00 per liter for diesel and P1.00 to P1.50 per liter for gasoline.

"After Brent surged above $100 per barrel last week due to expanded threat to Middle East crude supplies, prices weakened earlier this week as cautious optimism over the US-Iran truce outweighed geopolitical risk," the source said.

"Diesel and gasoline demand-supply balances remain tight, that's why the potential rollback is smaller," the source added.

Fuel firms announce official price adjustments every Monday, to be implemented on the following day.

This week, effective July 28, oil companies raised domestic pump prices by P6.80 per liter for gasoline, P7.30 to P7.32 per liter for diesel, and P4.20 to P4.22 per liter for kerosene.

The latest price adjustments, the 30th movement for the year, resulted in a total net increase of P56.72 per liter for gasoline, P57.75 per liter for diesel, and P52.61 per liter for kerosene. — VDV, GMA News