Motorists and consumers may see another round of fuel price reductions next week, according to the Department of Energy (DOE), despite continuing geopolitical tensions in the Middle East.
Based on DOE monitoring, the downward adjustment is driven by the movement of the Mean of Platts Singapore (MOPS) over the past two days, which continues to show a declining trend in global oil prices.
DOE-Oil Industry Management Bureau Assistant Director Rodela Romero Sales noted that market prices have remained on a downward trajectory even after recent geopolitical developments, including the announcement by U.S. President Donald Trump regarding the deployment of warships at the Strait of Hormuz.
“As of today, prices over the past two days have continued to decline. Even with the pronouncement of President Donald Trump that they would station warships at the opening of the Strait of Hormuz, the market does not appear to be pricing that in, so MOPS has continued to go down,” Sales said.
He added that if the trend continues, consumers could benefit from stable prices or another rollback.
“If this market reaction continues, we could see more stable prices or even another rollback,” Sales explained.
Energy Secretary Sharon Garin, however, cautioned that conditions in the Middle East remain highly volatile and require close monitoring.
“We need five days to monitor, but hopefully prices won’t go up,” Garin said.
On Tuesday, April 14, oil firms already implemented the first rollback since the conflict involving the United States, Israel, and Iran escalated in late February.