Fuel prices are likely to drop again next week based on the three-day Mean of Platts Singapore (MOPS) benchmark and signs of easing geopolitical tensions in the Middle East, two fuel retailers said.
Jetti Petroleum President Leo Bellas said on Thursday gasoline prices could go down by P1.00 to P1.20 per liter, while diesel may drop P0.40 to P0.60.
“World crude oil and refined fuel prices fell this week due to easing of geopolitical risk, the prospect of another OPEC+ output hike in August that could increase global supply, and concerns over an economic slowdown driven by higher US tariff risks,” Bellas said.
Despite the decline, prices remained “rangebound,” Bellas said, citing improved demand from China and expectations that Saudi Arabia may raise prices for August deliveries to Asia.
“MOPS prices today are expected to track the increase in crude oil following Iran’s suspension of cooperation with the International Atomic Energy Agency,” Bellas added. “The US-Vietnam trade deal also pushed prices up, although the unexpected rise in US crude inventories capped the gains.”
If implemented, next week’s expected reductions would mark the second consecutive weekly rollback for fuel products.
Department of Energy (DOE) data showed year-to-date net increases as of June 24 stood at P10.40 per liter for gasoline, P11.85 for diesel, and P4.05 for kerosene.
From June 24 to 30, average pump prices in Metro Manila were P56.15 for gasoline, P58.30 for diesel, and P72.62 for kerosene, based on DOE monitoring.
In a separate move, Caltex implemented an additional price cut this Thursday, with rollbacks of P0.60 per liter for gasoline, P0.35 for diesel, and P0.50 for kerosene.
This followed earlier reductions implemented last Tuesday, July 1, when Caltex lowered prices by P1.40 per liter for gasoline, P1.80 for diesel, and P2.20 for kerosene.
No other oil firms implemented similar adjustments on Thursday.
Chevron, which markets Caltex-branded fuels and lubricants in the Philippines and other parts of the world, says it keeps a close eye on its operations to stay efficient and competitive.
By being more responsive to market conditions, the company—through the Caltex brand—can adjust quicker, keep pump prices in check, and make sure its stations have a steady supply of fuel.
