Fuel price dip sustained after second day of trading

MANILA — The dip in fuel prices was sustained on the second day of trading in the world market even as the US “defensively” attacked a target in Iran last Monday.

Based on the data from the Mean of Platts Singapore for Monday and Tuesday’s trade, gasoline prices are still down by more than P9.00/liter:

Diesel – P3.30/L rollback

Gasoline – P9.40/L rollback 

Kerosene – P3.50/L rollback

Industry sources claim that positive sentiment on the prospects of diplomatic efforts to come up with a peace deal weighed more than the renewed tension in the Middle East as a result of the US attack.

But the same sources say the impact of the attack may be felt in today’s trade, which will shave off a portion of the price reduction on the first 2 trading days.

The Department of Energy had earlier advised motorists not to expect a huge reduction in fuel prices yet, as it’s too early in the week.