Inquirer
Oil price rollback of up to P2.20 a liter set on July 1
Oil prices are set to decrease starting July 1, following two consecutive weeks of significant price increases.
Several oil companies including Shell Pilipinas, Seaoil, Caltex, Cleanfuel, Petrogazz, Jetti Petroleum, and PTT will implement rollbacks on gasoline, diesel, and kerosene.
Gasoline prices will be reduced by P1.40 per liter, diesel by P1.80 per liter, and kerosene by P2.20 per liter.
The price drop is attributed to the easing of global oil prices, which sank last week as a ceasefire between Iran and Israel appeared to be holding.
An official from the Department of Energy (DOE) indicated that further price reductions of P4 to P5 per liter could occur in the coming weeks if the ceasefire between Iran and Israel is sustained.
Energy Assistant Secretary Rino Abad stated that global oil prices from the Middle East have already decreased significantly in the first week of the ceasefire, with diesel down by $4 per barrel and kerosene and gasoline by over $5 per barrel.
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Motorists can anticipate a rollback in fuel pump prices starting July 1, with expected decreases of P1.30 to P1.70 per liter for gasoline and P1.70 to P2.10 per liter for diesel.
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Filipino motorists are set for a second consecutive week of fuel price rollbacks, with Jetti Petroleum projecting potential price drops of P0.20 to P0.40 per liter for diesel and P0.80 to P1.00 per liter for gasoline.
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A ceasefire agreement between Israel and Iran, facilitated by US President Donald Trump, has brought cautious optimism for global oil markets and potential relief for fuel prices in the Philippines.
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President Ferdinand Marcos Jr. announced a pause in the fuel subsidy program for public utility vehicle (PUV) drivers following a tentative ceasefire between Israel and Iran.
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Local oil companies have agreed to implement fuel price increases in two tranches this week to lessen the burden on consumers, following discussions with the Department of Energy (DOE).
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