Dennis Gaviola

Motorists gas up at a Petro Gazz station in Cainta, Rizal on March 10, 2022, as the firm rolled back their fuel prices amid rising fuel costs due to the Ukraine-Russia conflict. Fuel prices are expected to further increase the following week. Mark Demayo, ABS-CBN News

Article (news)

Gazz Rolls Back Prices

Alvin Elchico

ABS-CBN News

MANILA — Oil prices went up on Wednesday in the world market after Iran attacked a US base in Jordan. Jetti Petroleum President Leo Bellas said he sees higher prices on Thursday and Friday at the Mean of Platts Singapore as tensions once again erupted after several days of truce that caused the downward trend in oil prices in the first 2 trading days.Despite rising oil prices, there is still a dip overall:(July 27-29, 2026)Diesel         P1.70/L ⬇️Gasolina    P1.80/L ⬇️Kerosene   P2.80/L ⬇️For Bellas, the price reduction might be wiped out and even result to another round of price increases in the pumps next week due to the retaliatory attacks from both Iran and the US.The global oil market also digested the latest spike in prices after President Donald Trump vowed to hit back hard at Iran for attacking US bases in Jordan.On Wednesday, Saudi Arabia and the United States announced strikes on militant bases in Iraq, while US ally Israel accused Iran-backed Hezbollah of a truce violation.International benchmark Brent oil futures shot up nearly eight percent to $90.74 a barrel.&quot;We continue to see oil prices and inflation pressures moving higher as inventories drain further amid the lack of peace in the Persian Gulf,&quot; said a note from Bart Melek of TD Securities.<div>- With a report from Agence France-Presse</div>

Oil prices have been declining in the last few days but fresh tensions in the Middle East could lead to another surge in prices.

Oil prices have been declining in the last few days but fresh tensions in the Middle East could lead to another surge in prices.

Mideast tension could wipe out possible fuel reduction next week—oil firm

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Mideast tension could wipe out possible fuel reduction next week—oil firm

Alvin Elchico,

ABS-CBN News

Published July 30, 2026 06:25 PM PHT

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