Fuel price rollbacks next week could temporarily ease the strain on public transport drivers and private vehicle owners, who are grappling with volatile fuel costs.
In its forecast for the July 1 to 7 period, Unioil Petroleum reported expected rollbacks of P1.70 to P2.00 per liter for diesel and P1.30 to P1.50 for gasoline.
Jetti Petroleum echoed the projection, estimating even sharper rollbacks, with diesel prices potentially decreasing by P1.90 to P2.10 and gasoline by P1.50 to P1.70 per liter.
The Department of Energy’s Oil Industry Management Bureau attributed the anticipated price drops to geopolitical developments, particularly the ceasefire announcement between Israel and Iran by U.S. President Donald Trump.
The diplomatic breakthrough has helped stabilize global crude oil prices, easing pressure on local fuel costs.
This relief comes after a two-stage price increase was implemented earlier in the week.
Major oil companies raised pump prices by P1.75 per liter for gasoline, P2.60 for diesel and P2.40 for kerosene on Tuesday, June 24.
A second tranche of the same adjustments was enforced on Thursday, June 26, as firms sought to cushion the impact on consumers. (ZIA LUNA)
