Benise Balaoing

Motorists line up at a gasoline station along Philcoa in Diliman, Quezon City on Friday, March 6, in a rush to refuel ahead of the expected fuel price increase next week. Long queues of cars and motorcycles formed as drivers tried to fill up before the anticipated hike in gasoline and diesel prices.  Maria Tan, ABS-CBN News

Article (news)

OIL PRICE HIKE

Alvin Elchico

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px;display:block" width="960"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/178036553042620260601060648_a487cfdc39cb2545fe0c4dcc9ce265d21b7bf87c7d0724a1230cda7d5ea66174.jpg" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left">Motorists line up at a gasoline station along Philcoa in Diliman, Quezon City on Friday, March 6, in a rush to refuel ahead of the expected fuel price increase next week. Long queues of cars and motorcycles formed as drivers tried to fill up before the anticipated hike in gasoline and diesel prices.<em>  Maria Tan, ABS-CBN News</em></span></span></span></div><p>MANILA<strong> (UPDATE) </strong>— Oil prices are falling by huge amounts in the first week of June</p><p>In a press conference, Energy Secretary Sharon Garin said pump prices were rolling back by the following amounts:</p><div><br/></div><p>• Gasoline - P4.76/L decrease</p><p>• Diesel - P9.26/L decrease</p><p>• Kerosene - P10.86/L decrease</p><div> </div><p>Shell, Seaoil and Unioil all said they are adjusting their prices in line with the Department of Energy’s guidelines.</p><p>Oil prices started climbing in March after war broke out in the Middle East.</p><p>In a press conference, DOE Oil Industry Management Bureau director Rino Abad said over P44 million has already been spent from the P200 million budget for the P10/liter diesel discount program for jeepney and UV Express drivers nationwide. </p><p>Abad said more than 1,200 gas stations nationwide are included in the program. </p><p>He said the government has so far been able to pay the participating gas stations within 5 to 7 days.</p><p>DOE Undersecretary Alessandro Sales said the country’s petroleum inventory is as follows:</p><div><br/></div><p>• Gasoline - 47.10 days</p><p>• Diesel - 44.36 days</p><p>• Kerosene - 143.64 days</p><p>• LPG 42.13 days</p><div> </div><p>Garin said the government will have its own petroleum stockpiling separate from the inventory of private oil firms.</p><p>Aside from the Philippine National Oil Company (PNOC), the Maharlika Investment Corporation, which was previously established by the Marcos administration to invest in certain sectors, will participate in this.</p><div> </div><div><strong>RELATED VIDEO</strong></div><div><strong><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/g6ft0EZ2py4?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span></strong><br/></div>

Big-time oil price rollback welcomes June

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Big-time oil price rollback welcomes June

Alvin Elchico,

Benise Balaoing,

ABS-CBN News

Published June 01, 2026 01:55 PM PHT

|

Updated June 02, 2026 10:00 AM PHT

Read More:

oil price

rollback

gasoline

kerosene

diesel

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