Fuel price rollback on Aug. 11

A fuel price rollback of more than P4 awaits motorists on Tuesday. Prices of gasoline will be lower by P4.70 per liter, diesel by P4.30 per liter and kerosene by P4.88 per liter, according to the Department of Energy.

This follows last week’s price cuts, ranging from 60 centavos to P2.09.

Jetti Petroleum president Leo Bellas said over the weekend that crude prices had dropped “sharply” amid hopes of improving shipping conditions in the Middle East.

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But price movements in the global market continued to be volatile following renewed hostilities between the United States and Iran.

“With the recent rally in crude prices due to uncertainty over the reopening of the Strait of Hormuz and resumption of flows from the Middle East, diesel and gasoline have likewise rebounded as structural tightness remains,” Bellas said. —Lisbet K. Esmael