Fuel prices may be rolled back again next week

National

ANOTHER round of fuel price rollback may be implemented next next week as global oil prices continue to ease despite geopolitical tensions in the Middle East, officials said.

Department of Energy (DOE) Undersecretary Alessandro Sales said prices in the Mean of Platts Singapore (MOPS), a key pricing benchmark for refined petroleum products, have been declining over the past days, signaling possible relief at the pump.

In a report by Philstar, Sales noted that the market has not significantly reacted to recent developments, including reports of heightened US military presence near the Strait of Hormuz, suggesting continued stability in global oil trading.

If the trend continues, fuel products in the country may either remain steady or register another rollback in the coming week.

Earlier this week, oil companies implemented a significant price rollback of up to P20.89 per liter for diesel, P4.43 for gasoline, and P8.50 for kerosene.

DOE Secretary Sharon Garin said the easing of tensions and ceasefire developments in the Middle East helped stabilize global oil prices, although she warned that volatility remains a risk due to ongoing geopolitical uncertainties.

Industry estimates indicate diesel prices could drop further by P14 to P15 per liter, while gasoline may see a reduction of P1.50 to P2.50 per liter, depending on remaining trading days.

The DOE said domestic pump prices remain sensitive to global movements, particularly in the Strait of Hormuz, a key route handling around 20 percent of global oil and gas supply.

As of April 10, the Philippines holds an estimated 50.31 days of fuel inventory, according to DOE data.(Rodgelyn Morales, CTU-TC BAEL-ELSD Intern)