MANILA, Philippines — Fuel prices are estimated to roll back next week after Israel and Iran agreed to a ceasefire, local oil industry sources said on Friday.
They projected that gasoline prices may decrease between P1.and P1.40 per liter, diesel between P1.60 and P2.10 per liter, kerosene between P2 and P2.20 per liter.
These estimates are based on the 4-day trading of Mean of Platts (MOPS) Singapore, the pricing basis of refined goods in Southeast Asia.
“Based on the 4-day trading in the MOPS, we are expecting a rollback in the prices of petroleum products by next week.
The main reason for this is the announcement of US President Donald Trump of a possible ceasefire between Israel and Iran,” Department of Energy-Oil Industry Management Bureau Director Rodela Romero said.
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“Local fuel prices are expected to drop next week as concerns over Middle East supply disruption have eased following the ceasefire, with geopolitical risk premium on prices dropping sharply,” Jetti Petroleum President Leo Bellas said.
“The overall market’s focus returned to fundamentals with the de-escalation of the conflict, with prices recovering from the drop early this week on the back of higher demand,” he added.
This week, local oil companies staggered the huge increase in fuel prices. On June 24, gasoline prices went up by P1.75 per liter, diesel by P2.60 per liter, and kerosene by 2.40 per liter.
Then on June 26, another increase was implemented as gasoline went up P1.75 per liter, diesel at P2.60 per liter and kerosene at P2.40 per liter. This means that gasoline prices increased by a total of P3.50 per liter, diesel by P5.20 per liter and kerosene by P4.80 per liter. On a year-to-date basis, gasoline netted an increase of P10.40 per liter; diesel, P11.25 per liter and kerosene, P4.05 per liter.
https://www.manilatimes.net/2025/06/27/news/fuel-prices-expected-to-roll-back-next-week-after-israel-iran-ceasefire/2138813
