Marilyn Cahatol

Fuel prices are displayed at a gasoline station in Quezon City on April 7, following another round of fuel price hikes. Oil companies raised gasoline prices by as much as P5.90 per liter and diesel by up to P19.80 per liter, marking one of the largest increases in recent weeks. Maria Tan, ABS-CBN News

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OIL PRICE HIKE

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/178121923962320260407-oil-price-hike-quezon-city-MT7.jpg" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left">Fuel prices are displayed at a gasoline station in Quezon City on April 7, following another round of fuel price hikes. Oil companies raised gasoline prices by as much as P5.90 per liter and diesel by up to P19.80 per liter, marking one of the largest increases in recent weeks.<em> Maria Tan, ABS-CBN News </em></span></span></span></div><p>MANILA — The Department of Energy on Friday said there is a “big chance” of rollback in diesel prices next week despite the continuing tension between the United States and Iran.</p><p>DOE Oil Management Bureau Director Rino Abad said the following adjustments may be expected next week based on the four-day trading at the Mean of Platts Singapore, excluding premium costs:</p><p>• Gasoline – P0 - P2 per liter decrease</p><p>• Diesel - P2 - P3 per liter decrease</p><p>• Kerosene  - P0 - P0.50 per liter decrease</p><div><br/></div><p>Abad explained the renewed tension between the US and Iran has a relatively low effect on oil prices due to the changing course of actions. </p><p>“Mukhang nalilito ang oil market kaya di sila makadiretso ng taas, hindi rin sila makadiretso ng baba. Kaya ang epekto, nagiging stable yung galaw ng daily trading at hindi malakihan yung mga nangyayaring paggalaw,” he said.</p><p>US President Donald Trump withdrew his threat of further strikes against Iran on Thursday and said a deal with Tehran to end the war could be signed in coming days.</p><div><a href="https://www.abs-cbn.com/news/world/2026/6/12/trump-cancels-iran-strikes-touts-imminent-deal-0707">Trump cancels Iran strikes, touts imminent deal</a></div><p>Abad clarified that current oil prices range from P70 to P90 per liter, and should not exceed P100 based on DOE’s monitoring.</p><p>The agency said it is continuously tracking gasoline stations making unauthorized markups to counter rollbacks, urging the public to report them with specific addresses. <strong>— With a report from Agence France-Presse</strong></p><div><a href="https://www.abs-cbn.com/news/world/2026/6/11/iran-says-will-target-any-vessel-traffic-in-strait-of-hormuz-0810">Iran says will target any vessel traffic in Strait of Hormuz</a></div><div><br/></div><div><strong>RELATED VIDEO:</strong></div><div style="text-align:center"><iframe width="560" height="315" src="https://www.youtube.com/embed/9wbQ-3JbXz0?si=ygg8ai_zLItzWdAD" title="YouTube video player" frameBorder="0" allowfullscreen=""></iframe></div>

<p>The Department of Energy on Friday said there is a “big chance” of rollback in diesel prices next week despite the continuing tension between the United States and Iran.</p>

The Department of Energy on Friday said there is a “big chance” of rollback in diesel prices next week despite the continuing tension between the United States and Iran.

'Big chance' of rollback in diesel seen next week—DOE

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'Big chance' of rollback in diesel seen next week—DOE

Marilyn Cahatol,

ABS-CBN News

Published June 12, 2026 07:54 AM PHT

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Oil prices

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