US-Iran Deal Hopes Spark Fuel Price Drop Predictions

Fresh hopes for a US-Iran deal may bring relief to motorists next week, as pump prices are expected to drop by up to P5 per liter. Industry estimates point to a rollback of P4.50 to P5 per liter for gasoline and diesel prices on August 11.

Jetti Petroleum president Leo Bellas said oil prices pulled back this week due to renewed optimism over a possible breakthrough in US-Iran talks, which eased market concerns and brought down the risk premium in the oil market.

However, oil prices remain supported by strong demand and tighter supply, with ongoing disruptions to Middle East exports limiting crude availability for Asian refiners. The Philippines primarily imports refined petroleum products from other Asian countries, which also rely on crude oil supplies from various producing countries, including those in the Middle East.