Fuel prices may go up next week
MANILA, Philippines — After recent rollbacks, motorists could face an increase of more than P1 per liter at the pump next week amid waning optimism over the US-Iran peace deal.
An industry source estimated a potential price hike of up to P1.20 per liter for diesel and P1.50 per liter for gasoline on June 30.
The projections were based on the four-day average of the Mean of Platts Singapore, the pricing benchmark used for refined petroleum products across Asia-Pacific markets.
With one trading day still remaining, next week’s price adjustments could climb further or even reverse into a rollback.
Although world oil prices have eased, shipping activity through the Strait of Hormuz has yet to fully normalize.
“The recent incident of a suspected attack on a cargo vessel in the Strait of Hormuz has reignited fears that the preliminary deal would not hold.”
Following the signing of an interim agreement to end the Middle East war, US and Iranian officials began negotiations aimed at reaching a final deal within 60 days.
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