Drivers in the Philippines can expect significant fuel price rollbacks starting June 2 amid optimism over potential peace negotiations between the United States and Iran.
An industry source estimated that diesel prices could drop by P6.50 to P7.50 per liter, while gasoline may see reductions of P3.50 to P4.50 per liter. The projections are based on the first four trading days in the Mean of Platts Singapore benchmark and average foreign exchange rates.
The source noted that crude and refined fuel product prices face pressure from improving sentiments that the US and Iran are moving closer toward a peace deal, despite remaining disagreements on key issues. Optimism also surrounds the potential reopening of the Strait of Hormuz.
These expected rollbacks follow recent price increases last Tuesday, when gasoline rose by up to P1.60 per liter and diesel by up to P1.96 per liter, according to the Department of Energy. The country’s average fuel inventory stood at 44.82 days as of May 22.
