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Diesel rollback? Market sees price ease next week amid ceasefire

Business | The Economy

Diesel rollback? Market sees price ease next week amid ceasefire

By Gabriell Christel Galang

Fuel prices at a gas station in Davao City show a significant jump on Tuesday, March 17. Local motorists are feeling the pinch as oil companies implement a "big-time" price hike across the board. (Photo by Keith Bacongco I MB)

Fuel prices at a gas station in Davao City show a significant jump on Tuesday, March 17. Local motorists are feeling the pinch as oil companies implement a "big-time" price hike across the board. (Photo by Keith Bacongco I MB)

The global oil market is finally reacting to the two-week ceasefire, as prices for diesel and gasoline may ease next week.

Based on the first three-day average Mean of Platts Singapore (MOPS), diesel prices could finally ease by around ₱2.50 to ₱3.50 per liter, potentially bringing pump prices down to around ₱166.50 to ₱167.50 per liter.

Gasoline, meanwhile, may see no movement, although it could also decline by around ₱1 per liter. Once realized, gasoline prices could range from ₱116.90 to ₱118.90 per liter.

Final estimates will be determined on Saturday, April 11, while adjustments will be announced on Monday, April 13.

According to an industry expert, MOPS prices have rebounded modestly in the first three days of this week, although further increases remain possible in the following trading days, depending on how the market reacts to developments in the Middle East.

To recall, the United States (US) announced a two-week ceasefire, halting strikes on Iran to facilitate the reopening of the Strait of Hormuz. However, Iran warned that the peace deal may already be unraveling and that the truce could end abruptly ahead of schedule.

This week, the Department of Energy (DOE) warned that despite any potential rollbacks, fuel prices may not return to pre-war levels as quickly as they surged over the past few weeks.

Related Tags

Oil prices Diesel Gasoline

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