The Market Monitor Minding the Nation's Business
Motorists may finally get some relief at the pumps this week as fuel prices are expected to move downward, particularly for diesel products, according to the Department of Energy (DOE).
Based on recent international trading movements, diesel prices could decline by as much as P2 to P3 per liter, while gasoline prices may either remain unchanged or post a slight reduction of up to P2 per liter.
DOE officials said the global oil market has remained relatively steady despite renewed geopolitical concerns in the Middle East.
Market participants are closely monitoring developments involving the United States and Iran, but fluctuating signals from both sides have so far prevented any sharp surge in crude oil prices.
According to the agency, traders appear cautious as uncertainties continue to cloud the situation, resulting in modest daily price movements rather than major swings.
The DOE also noted that prevailing retail fuel prices remain within manageable levels, ranging from around P70 to P90 per liter nationwide. Based on current market conditions, authorities do not expect pump prices to breach the P100-per-liter mark.
Meanwhile, the agency reiterated its warning against fuel stations that fail to pass on legitimate price reductions to consumers.
Monitoring activities have been intensified, and motorists are encouraged to report establishments suspected of imposing unjustified markups, particularly during periods of expected rollbacks.