Big-time rollback on fuel prices seen on July 1

Metro Manila, Philippines - Motorists may expect big-time cuts in fuel prices next Tuesday, July 1, after geopolitical tensions triggered staggered hikes this week, the Department of Energy (DOE) said.

In an advisory on Friday, June 27, the DOE said diesel prices may go down up to P2.10 per liter. Diesel costs went up by over P5 this week through a two-step implementation, as agreed by the government and oil firms.

Kerosene prices may drop by up to P2.20 per liter, while gasoline costs may bring down by up to P1.40.

Over P4 per liter increase was carried out for kerosene, while gasoline prices increased by P3.50 this week.

The DOE said the potential rollback stemmed from the ceasefire between Israel and Iran.

The possible decline would mark the first drop after four consecutive weeks of price increases.