Manila: Fuel prices may decline next week by PHP1 to PHP2 per liter after the more than PHP5 per liter increase this week. Citing the four-day trading in the Mean of Platts Singapore, Department of Energy Oil Industry Management Bureau Director Rodela Romero said, "We are expecting a rollback in the prices of petroleum products by next week."
According to Philippines News Agency, the expected ranges are: Gasoline - PHP1 to PHP1.40, Diesel - PHP1.60 to PHP2.10, and Kerosene - PHP2 to PHP2.20. "Bearish factor that counterbalance the bullish price last week is the announcement of President (Donald) Trump of possible ceasefire between Israel and Iran, thus crude oil future extends drop," Romero added.
Global crude prices surged to more than USD78 per barrel in recent weeks due to the Israel-Iran conflict. However, prices declined after Trump announced on June 23 a ceasefire, calming markets.
