Motorists may feel some ease in their pockets next week, as oil prices are likely to get rollbacks

Based on the four-day Mean of Platts Singapore (MOPS) trading, diesel prices may either retain their current price or decline by ₱0.30 per liter.

Gasoline, on the other hand, has uncertain price changes, as it may roll back by ₱0.15 or increase by ₱0.30 per liter.

Kerosene is also seen to slow down in its prices by somewhere between ₱0.20 to ₱0.40 per liter.

According to the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB), there have been talk improvements between the United States (US) and Iran, as well as between the US and China.

Rodela Romero, OIMB director, cited “reports of progress toward [a] US-Iran nuclear deal, [and the] cooling global US-China trade tensions” could potentially bring down next week’s prices.

The current negotiations between the US and Iran are said to address concerns on Iran’s nuclear program, and in exchange, would lift the economic sanctions by the US.

Additionally, OIMB observed that there could be additional crude oil storage capacity from Iran’s export terminal.

However, with the uncertain gasoline prices for next week, Leo Bellas, president of Jetti Petroleum, said that the erratic price adjustments were “being weighed down by sentiments of weak US and Chinese economies, [and] rising reports of Israel preparing a strike on Iranian nuclear facilities.”

“Price benchmarks have eased following reports on renewed Iran-US nuclear talks, concerns about demand in the US due to unexpected large builds in US crude and fuel inventories, and reports that OPEC+ is discussing a production increase for July,” Bellas elaborated.