Retail fuel prices across the country may drop next week, offering relief for businesses and households grappling with recent price hikes, as global oil markets cool amid easing geopolitical tensions.
Jetti Petroleum Inc. resident Leo Bellas said Wednesday that price rollbacks are now possible for both diesel and gasoline based on the initial Mean of Platts Singapore (MOPS) indicators from 23 to 24 June. Diesel prices could be slashed by ₱0.80 to ₱1.10 per liter, while gasoline may either stay flat or decrease by up to ₱0.20 per liter.
“The significant drop in both diesel and gasoline prices during June 24 trading has led to lower MOPS averages this week,” Bellas said, citing the easing of the crude oil war risk premium as tensions between Israel and Iran de-escalate.
He cautioned, however, that final adjustments still depend on MOPS data for the rest of the week. “While tension has de-escalated, the situation in the Middle East remains fragile,” Bellas said, adding that crude prices may remain stable in the near term, with refined product prices influenced by summer demand and rising supply as refineries resume operations.
The Department of Energy (DOE) reported fuel prices averaging ₱55.90/liter for gasoline, ₱53.40/liter for diesel, and ₱70.22/liter for kerosene as of 23 June. Fuel price hikes earlier this week added ₱1.75/liter to gasoline, ₱2.60 to diesel, and ₱2.40 to kerosene, with a second round of increases taking effect June 26.
The anticipated rollback, if confirmed, could ease inflationary pressure and operating costs, especially for transport and logistics-dependent sectors. Households would also benefit from reduced expenses on fuel-powered appliances and vehicles.
Meanwhile, DOE officials continue consumer protection efforts through on-site inspections at fuel stations to verify product quantity and quality. DOE officer-in-charge Sharon Garin led recent monitoring activities in Taguig City, collecting fuel samples for laboratory testing. Non-compliant retailers may face administrative sanctions or permit suspensions.
These actions aim to uphold consumer rights amid price volatility and ensure accountability in the downstream oil sector.
