Motorists burdened by this week’s hefty fuel price hikes may find relief soon, with the possibility of lower pump prices on the horizon, according to early industry indicators.
Rodela Romero, assistant director of the Department of Energy’s Oil Industry Management Bureau, said initial data shows signs of a rollback based on the performance of the Mean of Platts Singapore (MOPS), the regional benchmark for petroleum pricing.
“For two days, based on MOPS… may chance mag roll back (there’s a chance of a rollback),” Romero shared with GMA News Online.
Still, Romero tempered expectations, pointing out that price trends could shift. “It’s too early” to confirm if consumers will indeed see lower prices next week, she said.
Oil firm Jetti Petroleum echoed this cautious optimism. In its fuel price projection based on the week’s first two trading days, the company forecasted the following range of possible adjustments:
Diesel: Rollback between ₱0.80 and ₱1.10 per liter
Gasoline: Either a ₱0.10 increase or a rollback of up to ₱0.20 per liter
“Above are still subject to change, depending on the MOPS of the remaining days of the week,” Jetti noted.
MOPS is a standard reference used across Southeast Asia, reflecting the average daily trading price of refined petroleum products as compiled by Standard and Poor’s Platts.
Fuel price projections have also been influenced by the recent geopolitical developments in the Middle East. Following a ceasefire agreement between Israel and Iran, market volatility eased and global crude prices began to dip.
Jetti attributed the potential fuel price rollback to “the easing of war risk premium on crude oil following the de-escalation of the conflict…[as] world oil prices further went down after the ceasefire agreement between Israel and Iran, reducing the risk of supply disruption in the Middle East.”
DOE officer-in-charge Sharon Garin confirmed that as of June 24, global crude prices had fallen to an average of $69 per barrel, following US President Donald Trump’s announcement of the ceasefire.
This follows a week of significant local fuel price hikes. On June 24, petroleum companies implemented the second part of a major price adjustment:
Gasoline: ↑ ₱1.75/liter
Diesel: ↑ ₱2.60/liter
Kerosene: ↑ ₱2.40/liter
With several days left before final prices are set, motorists now wait to see if the downward trend in global oil markets can translate to real savings at the pump next week.
