Significant price reductions for gasoline and diesel are expected to take effect this week, according to a local fuel retailer.
An oil company official said that gasoline prices will drop by ₱4 to ₱6 per liter, while diesel will see a reduction of ₱9 to ₱11 per liter.
Lower global oil prices last week are driven by expectations that the US and Iran’s interim peace agreement will allow more crude oil to enter the market through the Strait of Hormuz. Additional factors include increased supply from Asian refiners securing alternative crude sources and the stronger value of the Philippine peso against the US dollar, which further eased price pressures.
Despite the positive outlook, the retailer said that price fluctuations could still happen. This follows Iran’s decision to restrict access to the strategic Strait of Hormuz over the weekend, in response to Israel’s attack on Lebanon which was viewed as a violation of the ongoing negotiations.
Data from the Department of Energy (DOE) for June 16–22, 2026 shows prices in the National Capital Region averaging at ₱79.80 per liter for RON 91 gasoline, ₱78.20 for diesel, and ₱107.20 for kerosene.
Last week, fuel firms were allowed to adjust prices within a range of ₱0.32 to ₱1.68 per liter for gasoline, and between ₱3.71 to ₱5.71 per liter for diesel.
