Rollback in prices of petroleum products seen

Consumers may enjoy a moderate fuel price rollback next week as the global market weakened amid a reported increase in US stockpiles, according to the Department of Energy (DOE).

Zenaida Monsada, who formally took over the DOE as officer-in-charge, told reporters there may be a “less than P1 per liter” decrease in fuel prices next week.

She said, however, that there may be a small uptick this weekend while traders are closely tracking developments in Europe ahead of Sunday’s crucial referendum on Greece.

Investors and traders are widely anticipating whether creditors’ bailout reform proposals on Greece will be passed and how the turnout will affect Athens’ participation in the eurozone.

Traders are also looking at Iran.

Under a framework agreed in April, Iran will scale back its nuclear program with the aim of putting an atomic bomb beyond its reach.

Iran nuclear talks were extended to July 7.

Successful talks could pave the way for Iran to revive its fuel exports, which means a downward push on prices.

However, shuttered negotiations could mean higher prices amid market uncertainty.