Consumers will have a few more pesos to spend on their other basic needs this week, as fuel prices will be on significant rollback to the tune of P2.45 per liter for gasoline; and P1.90 per liter for diesel products.

Kerosene, which is the other commodity in the triumvirate of weekly price adjustments, will also have its prices pared by P2.40 per liter, according to the oil firms.

As of press time, the industry players that already announced reduction in their prices effective Tuesday (August 13) had been Shell Pilipinas Corporation, Seaoil Philippines, Cleanfuel and PetroGazz; while their peer-companies are all anticipated to match the slashed prices at the pumps.

Industry experts noted that the downturn in prices this week had not just been attributed to the softening of prices in the international market, but also due to the appreciation of the Philippine peso versus the US dollar.

As of Friday (August 10) trading, the value of the greenback settled at P57.28, manifesting substantial dip from above P58 level in recent weeks.

Price cutbacks at gasoline stations will always come as favorable development to the consumers, but with competitive forces taking play in the market, their focus no longer leans on which station offers lower costs, but what value-added services or rewards the oil firms could bestow to their loyal customers.

Given that the petroleum industry in the Philippines is highly deregulated, customers are also turning hyper-aware of what the oil companies can extend as added benefits, including those on loyalty programs, convenience store perks as well as other promotional items.

On the pricing terrain, sentiments in the global oil market turned bullish again at end-week trading as industry watchers have been seeing signs of possible retaliation that Iran may launch on its protracted conflict with Israel; and that in turn may prompt new wave of rise in prices.

Fresh round of attacks on a Greek-owned oil tanker last week had been perceived by market traders as a manifestation of possible escalation of renewed tension at the Red Sea.

Nevertheless, global players have been re-assessing geopolitical concerns vis-à-vis forecasts of economic slowdown because these are the factors currently influencing volatility of oil prices in the global market.

As of Monday (Aug. 12), international benchmark Brent crude was still inching close to $80 per barrel after its plunge to $78 per barrel in some trading days last week.