Fuel prices are expected to drop again on Tuesday, July 9, providing relief for both businesses and households. According to Jetti Petroleum Inc., gasoline prices may fall by P0.70 to P0.90 per liter while diesel could see a reduction of P0.10 to P0.30 per liter.
Jetti President Leo Bellas attributed the decline to easing geopolitical tensions in the Middle East, increased supply prospects from OPEC+, and softened global demand due to economic uncertainty and rising U.S. fuel inventories.
Bellas noted that while the price cuts could have been deeper, lingering concerns over Iran’s nuclear program have added upward pressure.
This marks the second consecutive weekly price rollback, signaling a potential cooling in global oil markets. The Department of Energy (DOE) reported that despite the reductions, year-to-date prices remain higher: up to P10.40 per liter for gasoline and P11.85 per liter for diesel as of June 24.
Fuel prices in Metro Manila for the 24 to 30 June period averaged P56.15 per liter for gasoline, P58.30 per liter for diesel, and P72.62 per liter for kerosene, according to the DOE.
