Big relief for motorists: ₱9.50/L diesel rollback expected next week

MANILA, Philippines – Motorists are in for another round of diesel price rollbacks next week, driven by a drop in global oil prices following an interim agreement between the US and Iran, according to industry estimates.

Based on the week’s first four trading days, diesel prices could drop by up to ₱9.50 per liter, while gasoline may decrease by as much as ₱5.00 per liter.

READ: Trump, Iran’s president sign deal to end Middle East war

An industry source said oil markets have already started pricing in the potential reopening of the Strait of Hormuz and the return of Middle Eastern crude supplies after Washington and Tehran signed a peace deal. The agreement gives negotiators 60 days to finalize a broader accord.

Replacement fuel supplies further weighed down diesel prices by easing immediate market tightness. Asian refiners were able to secure alternative crude feedstocks, allowing them to boost refined product output despite earlier disruptions linked to reduced Middle Eastern supply.

Gasoline prices also softened as refineries resumed operations after planned maintenance shutdowns and some Asian refiners sourced crude from outside the Middle East, helping address supply gaps.

READ: Oil prices may drop to prewar levels in 6-12 months with US-Iran deal

The industry source added that the stronger Philippine peso against the US dollar also contributed to lower fuel costs this week.

Final adjustments will depend on the remaining trading days before oil companies announce next week’s pump price changes. Oil firms may implement the price cut on Tuesday, June 23. /pai INQ

READ: DOE sees diesel price rollback from US-Iran peace deal

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