Manila, Aug. 8 -- A respite is seen for vehicle owners next week as fuel prices are forecast to decrease, based on price developments as of Friday.

Jetti Petroleum president Leo Bellas, in a statement, said diesel prices may go down by PHP1.30 to PHP1.50 per liter, and gasoline by PHP0.40 to PHP0.60 per liter, based on the Mean of Platts Singapore (MOPS), the benchmark of refined oil in Southeast Asia; and the average foreign exchange so far this week.

"The additional increases in OPEC+ production and continued tariff uncertainties are the main reasons for this week's lower crude oil prices," he said.

Hopes for a diplomatic end to the Ukraine-Russia war "have also caused oil prices to weaken further," he said.

Bellas likewise cited th...