The various fuel retailers will roll back pump prices for the second consecutive week starting Tuesday, 8 July, with gasoline down by ₱0.70 per liter, diesel by ₱0.10, and kerosene by ₱0.80, according to announcements from the major players including Caltex, Seaoil, PTT, and Clean Fuel.
The modest price cuts are attributed to easing geopolitical tensions in the Middle East, which have eased the global risk premium on crude oil and refined products. This develops despite lingering concerns about Iran’s nuclear program, which has capped the extent of the price drops, according to Jetti Petroleum Inc. president Leo Bellas.
While the rollback is a welcome reprieve for transport operators, businesses, and households, fuel prices remain elevated year-to-date, with total net increases at ₱8.30/liter for gasoline, ₱9.95/liter for diesel, and ₱1.05/liter for kerosene, per Department of Energy data.
Pump prices in Metro Manila for the week of 24 to 30 June averaged ₱56.15 for gasoline (RON 91), ₱58.30 for diesel, and ₱72.62 for kerosene.
Fuel firms cite additional downward pressure from softening demand in the US and the likelihood of increased supply from OPEC+, though tariff uncertainties and inventory builds are also weighing on global prices.
