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Manila Bulletin devider Business devider The Economy devider Fuel prices set to drop for first time in weeks

Fuel prices set to drop for first time in weeks

Published Jul 31, 2026 09:45 am
Retail pump prices are poised to drop during the first week of August following consecutive weeks of steep price hikes.
Based on four-day trading data from the Mean of Platts Singapore—the regional benchmark for refined petroleum products—gasoline prices could decline by ₱1 to ₱1.5 per liter. Diesel prices are also expected to see a more modest reduction ranging between ₱0.50 and ₱1 per liter.
The Department of Energy (DOE) is scheduled to finalize the official price adjustments on Monday, Aug. 3, before local petroleum distributors update retail pumps.
The projected rollback was due to retreat in international crude benchmarks, driven in part by prospective diplomatic progress and truce discussions between the United States (US) and Iran.
Declines in Brent crude futures have pulled down average Singapore product assessments, which directly dictate pricing formulas for energy importers, like the Philippines.
However, persistent logistics bottlenecks along key maritime routes continue to limit the scale of domestic price cuts. Shipping disruptions through the Strait of Hormuz remain a major obstacle to cargo deliveries and regional market stabilization.
Industry analysts warned that global supply risks remain elevated despite the projected price dip. A resurgence in Middle East geopolitical tensions following recent airstrikes, alongside shrinking US crude stockpiles, triggered fresh upward price pressure during earlier trading sessions.
The risk of further sharp price spikes has been somewhat contained by proposed Saudi Arabian initiatives aimed at strengthening regional maritime defense alliances.

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Rollback oil prices diesel gasoline
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