Consumers can expect another big-time oil price rollback next week of as much as P1.20 per liter amid the continued easing of tensions in the Middle East, even as Caltex implemented a rollback of P0.60 per liter for gasoline, P0.35 per liter for diesel, and P0.50 per liter for kerosene on July 3.
Jetti Petroleum president Leo Bellas said that based on the first three days’ Mean of Platts Singapore (MOPS) average versus last week, diesel will likely see a rollback of P0.40 to P0.60 per liter and gasoline by P1 to P1.20 per liter.
Oil importers use MOPS as the benchmark in pricing their products.
“World crude oil and refined fuel prices fell this week due to the easing of geopolitical risk, the prospect of another OPEC+ output hike in August that will lead to an increase in supply, and concerns over an economic slowdown driven by the prospects of higher U.S. tariffs,” Bellas said.
He added that global oil prices have stayed “range-bound due to positive demand indicators from China and expectations that Saudi Arabia will raise its prices in August for buyers of its crude in Asia.”
Bellas said MOPS prices are expected to track the increase in crude oil following Iran’s suspension of cooperation with the International Atomic Energy Agency.
“The U.S.-Vietnam trade deal also boosted prices, but the unexpected rise in U.S. crude inventories limited the oil price gains,” he said.
The forecasted rollback next week will be the second consecutive price cut following the truce between Iran and Iraq.
On July 1, oil firms cut the price of gasoline by P1.40 per liter, diesel by P1.80 per liter, and kerosene by P2.20 per liter. They also cut the price of liquefied petroleum gas (LPG) by P1 per kilo, or P11 per 11-kilo tank, effective July 1, to reflect the lower contract price of LPG in the world market.