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Brix Lelis - The Philippine Star
June 6, 2026 | 12:00am
Signs reading 'out of stock' are displayed at a gas station amid rising petrol prices in Manila on March 9, 2026.
AFP / Jam Sta Rosa
MANILA, Philippines — Motorists should brace for higher diesel prices next week amid prolonged supply disruptions as the peace deal between the United States and Iran remains out of reach.
An industry source estimated that diesel prices could rise by P4 to P4.50 per liter on June 9, based on movements in the Mean of Platts Singapore during the shortened trading week.
Gasoline prices, meanwhile, may decline by P1 to P1.50 per liter.
The projections were based on the regional benchmark’s three-day average, as June 1 was a public holiday in Singapore. With one trading session left, price adjustments remain subject to change.
Crude oil and refined fuel prices have rallied this week as uncertainty over the peace deal continues to hamper diplomatic progress and stoke fears of further supply disruptions.
“Concerns that global oil inventories could hit critical levels if stock draws continue at the current pace further contributed to the bullish sentiment,” the source said.
In the Philippines, recent rollbacks, including this week’s P4.76 per liter cut in gasoline and P9.26 per liter in diesel, have brought domestic pump prices closer to pre-war levels.
Diesel in Metro Manila is currently priced at P67.14 to P85.32 per liter, while gasoline ranges from P67.64 to P104.74 per liter, based on the latest available industry data.
Tighter oil supply
The Department of Energy warns of tightness in oil supply if a peace deal between the United States and Iran is not reached before the end of July.
This warning was relayed by S&P Global to DOE officials during a meeting on Tuesday, according to Oil Industry Management Bureau chief Rino Abad.
“Reserves have been used for March, April and May. For June, there’s going to be tightness already,” Abad told radio dzBB yesterday.
“The projection is that if peace negotiations are done in the next two months and [traffic] is resumed in August, trapped ships will be immediately freed and supply will be normalized,” Abad said.
S&P Global, according to Abad, said supplies from freed-up tankers would serve as a buffer for the world while oil producers fix production facilities damaged by the war.
International Energy Agency (IEA) director Fatih Birol said on May 21 that the Strait of Hormuz should be reopened unconditionally to prevent oil markets from entering a “red zone” in July or August, in which global stocks are further depleted amid an expected demand pickup due to the summer travel season. — EJ Macababbad, Helen Flores
