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Motorists queue at a gasoline station in Quezon City on July 7, 2024.
STAR / Miguel De Guzman
MANILA, Philippines — After fuel prices jumped by more than P5 per liter this week, the Department of Energy (DOE) said motorists could expect a rollback of over P2 per liter next week.
This, however, offers little relief considering this week’s sharp increase, especially since the adjustments were only days apart despite being staggered.
According to the energy department, these are the projected rollbacks in pump prices:
- Gasoline - P1 to P1.40 per liter
- Diesel - P1.60 to P2.10 per liter
- Kerosene - P2 to P2.20 per liter
DOE Oil Industry Management Bureau (DOE-OIMB) Director Rino Abad told reporters on June 25 that prices in the global oil market have declined following a ceasefire deal between Israel and Iran.
“For the past two days, bumaba ho talaga ang price. In fact, ang estimate namin rollback ho tayo next week sa two days pa lang,” he said.
(For the past two days, prices have really gone down. In fact, based on our estimate, we’re already looking at a rollback next week just from those two days alone.)
The two countries had exchanged missile strikes after Israel launched a surprise attack on Iran’s nuclear and military facilities on June 12, prompting a retaliatory strike from Iran. The United States later joined the conflict, launching its own strike on June 22.
This has led to over 600 lives lost and nearly 5,000 injured during the 12 days Israel attacked Iran.
However, the ceasefire is considered fragile after the agreement was violated by both Israel and Iran within hours after US President Donald Trump announced it on June 25.
If the ceasefire agreement holds, Abad said there may be a large rollback next week.
“Bearish factor that counterbalance the bullish price last week is the announcement of US Pres. Trump of possible ceasefire between Israel and Iran, thus crude oil future extends drop,” the DOE said.
DOE-OIMB Assistant Director Rodela Romero said the potential decline in pump prices was also driven by easing concerns over supply disruptions in the Middle East.
“Ang kadahalinan nabalitaan naman natin medyo bumaba ‘yung takot o tensyon na posibleng magkaroon ng supply disruption dahil sa na-announce na ceasefire between Israel and Iran,” she told DZBB on Friday, June 27.
(The reason, as we've heard, is that the fear or tension over a possible supply disruption has somewhat eased following the announced ceasefire between Israel and Iran.)
This week, oil firms imposed a total price hike for the following petroleum products:
- Gasoline - P3.50 per liter
- Diesel - P5.20 per liter
- Kerosene - P4.80 per liter
From June 17 to June 23, the prevailing retail prices of petroleum products in Metro Manila were as follows:
- Gasoline (RON97/100) - P67.95
- Gasoline (RON95) - P57.60
- Gasoline (RON91) - P56.35
- Diesel - P53.25
- Diesel Plus - P56.10
- Kerosene - P70.22
President Ferdinand “Bongbong” Marcos initially approved fuel subsidies for PUV drivers but suspended the plan after oil prices fell to $67 per barrel, according to Romero. The program will only be implemented if prices hit $80 per barrel.
Following this week’s price hike, gasoline has risen by P10.40 per liter, diesel by P11.85, and kerosene by P4.05. This marks the highest net fuel price increases in 2025 to date for gasoline and diesel.
