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Brix Lelis - The Philippine Star
July 1, 2025 | 12:00am
MANILA, Philippines — Oil companies are set to roll back fuel prices today following last week’s hefty increases driven by tensions in the Middle East.
In separate advisories, Seaoil, Caltex and Shell announced per-liter price cuts of P1.40 for gasoline, P1.80 for diesel and P2.20 for kerosene.
Petro Gazz, Cleanfuel, PTT Philippines and Jetti would apply the same adjustments, except for kerosene, which they do not offer.
The Department of Energy attributed the rollback to the shaky ceasefire between Israel and Iran – announced by US President Donald Trump – which caused a decline in crude oil futures.
Jetti president Leo Bellas said the ceasefire eased worries over supply disruption after Iran earlier threatened to close the Strait of Hormuz, a key trade route for 20 percent of the world’s oil and gas supply.
The latest adjustments ended a six-week increase for gasoline and the month-long uptrend for diesel and kerosene.
The rollback, however, was not enough to offset the significant hikes last week, which saw gasoline, diesel and kerosene prices surge by P3.50, P5.20 and P4.80 per liter, respectively.
Major oil firms implemented a two-phased hike last week to cushion the impact of high fuel prices on motorists.
On a year-to-date basis, gasoline, diesel and kerosene prices have jumped by P9, P10.05 and P1.85 per liter, respectively.
