LOCAL fuel prices may drop next week, September 29, as optimism grows for a supply increase and a potential renewal of peace talks between the United States and Iran.
In an advisory on Friday, September 25, Jetti Petroleum president Leo Bellas said P7 may slash diesel to P7.50 per liter. Gasoline prices may also dip by 50 centavos to P1 per liter.
“Oil prices fell on diplomacy hopes in the Iran war during this week’s UN General Assembly meeting, and recovering shipments from Saudi Arabia eased supply concerns,” he said.
Likewise, Rino Abad, director of the Department of Energy – Oil Industry Management Bureau, earlier said that the release of about 14 million barrels from Saudi Arabia could help “stabilize” supply issues.
In addition, his estimates were based on the first four days of trading at the Mean of Platts Singapore (MOPS) and foreign exchange movements. MOPS is the basis for the pricing of refined petroleum products in Southeast Asia.
On Tuesday, September 22, fuel retailers hiked diesel prices by as much as P7.80 per liter, while gasoline and kerosene prices also increased by P4.80 and P6.40 per liter, respectively. (Lisbet K. Esmael © Philippine Daily Inquirer)
