August 2 could see pump prices roll back anew
It seems fuel prices will continue to go down which is good news for cash-strapped motorists and public transport. While we already experienced several consecutive weeks of rollbacks, another one is set to happen next week.
According to our friends over at PH Fuel Watch, the price of diesel per liter could be reduced by PHP 0.40. Gasoline, on the other hand, could roll back PHP 0.70 per liter. These estimates are based on the Mean of Platts Singapore (MOPS) that is scheduled for August 2, 2022, Tuesday.
Should we add these estimated figures to the consecutive rollbacks from before, the overall price of diesel could go down PHP 12.15 while the overall price of gasoline might go down to PHP 11.80 per liter.
The continued downward trend of pump prices can be attributed to several factors. First is the fear of a global recession due to the high price of fuel which caused steep inflation. There’s also the matter of lower fuel demand as pump prices continued to go up earlier this year. In addition, central banks continue to increase interest rates which would also lead to cutting energy demand.
If you still have some gas or diesel left in the tank, better hold onto that since prices will once again be rolling back next week.