Oil price rollback seen next week
MANILA, Philippines — After recent price hikes, motorists may get some relief at the pump next week amid renewed optimism over a potential US-Iran peace deal.
A local industry source indicated a potential rollback of P6.50 to P7.50 per liter for diesel and P3.50 to P4.50 per liter for gasoline.
The estimates were based on the four-day average in the Mean of Platts Singapore, a key pricing benchmark for refined petroleum products across Asia-Pacific markets.
Final price adjustments may still rise or fall, with one trading day remaining.
“Crude and refined fuel product prices are pressured by improving sentiments that the US and Iran are moving closer toward a peace deal,” the source said.
Diesel supply conditions are also expected to improve but gasoline prices in Asia are likely to trade in a tight range.
Last Tuesday, gasoline and diesel prices increased by up to P1.60 and P1.96 per liter, respectively, according to the Department of Energy.
Latest DOE data also showed that the country’s average fuel inventory stood at 44.82 days as of May 22.
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