MANILA – Vehicle owners can expect relief next week as fuel prices are projected to drop, according to price trends observed as of Friday.
Diesel prices may decrease by PHP1.30 to PHP1.50 per liter, while gasoline could see a reduction of PHP0.40 to PHP0.60 per liter, based on the Mean of Platts Singapore (MOPS), the benchmark for refined oil in Southeast Asia, along with this week’s average foreign exchange rate.
“The additional production increases from OPEC+ and ongoing tariff uncertainties are the primary factors behind this week’s decline in crude oil prices,” the statement noted.
Hopes for a diplomatic resolution to the Ukraine-Russia conflict have also contributed to further weakening oil prices.
Increased supply from China, as Chinese refiners boost production, has also influenced fuel price trends.
“However, losses were partially offset by a larger-than-expected decrease in US crude oil inventories, indicating strong demand in the world’s largest economy, higher Saudi oil prices for Asia, and robust Chinese crude imports in July.”
“Geopolitical risks and evolving US trade policies continue to introduce uncertainty, clouding the broader demand outlook.”
