Geline Salac

Fuel prices set to drop after staggered oil price hikes

A gasoline station employee attends to motorists as they gas up at a refueling station in Quezon City on July 20, 2020. Jonathan Cellona, ABS-CBN News

Article (news)

David Dizon

ABS-CBN News

<p>Oil prices are set to go down next week as fears of supply disruption were abated by the ceasefire between Israel and Iran, the Department of Energy said Friday. </p><p>Assistant Director III Rodela Romero of the Oil Industry Management Bureau said the following price adjustments may be implemented in the last week of June, based on 4 days of trading on the Mean of Platts Singapore: </p><div><strong>Gasoline – P1.00 to P1.40/liter</strong></div><div><strong>Diesel – P1.60. to P2.10/liter</strong></div><div><strong>Kerosene – P2.00 to P2.20/liter</strong></div><p>She said the price adjustment is due to lower oil prices in the world market as a ceasefire between Iran and Israel appeared to be holding firm.</p><p>Oil companies implemented <a href="https://www.abs-cbn.com/news/business/2025/6/23/oil-firms-agree-to-staggered-fuel-price-hikes-energy-dept-1351">staggered price hikes</a> this week amid skyrocketing fuel prices.</p><p>Meanwhile, Trade Secretary Cristina Roque said basic and prime commodities have yet to increase prices after the recent oil price hikes.</p><p>“Of course kapag tumagal itong pagtataas ng petrolyo, may magtatanong na mga manufacturer, may magsi-signify sa amin kung pwedeng mag-price increase pero sa ngayon wala pang price increase. So far, wala pang humihirit,” she said.</p><p>She said sardine makers who had asked for a price increase last week agreed to hold off on the price adjustments to support the President and consumers.</p>

<p>Oil prices are set to go down next week as fears of supply disruption were abated by the ceasefire between Israel and Iran, the Department of Energy said Friday.</p>

Oil prices are set to go down next week as fears of supply disruption were abated by the ceasefire between Israel and Iran, the Department of Energy said Friday.