Consumers received a reprieve from high oil prices this week as oil companies implemented an oil price rollback of as much as P2.20 per liter effective 6am today amid the easing of tensions in the Middle East.
The oil firms cut the price of kerosene by P2.20 per liter, diesel by P1.80 per liter and gasoline by P1.40 per liter.
“What happened to gasoline, the international market price decreased on average for two weeks, it went down by more than $4 per barrel diesel and kerosene more than $5 per barrel,” Department of Energy Oil Industry Management Bureau (OIMB) director Rino Abad said in a TV interview.
Abad said if the ceasefire between Iran and Iraq continues there is a strong chance that the price rollbacks will continue.
“The price we are thinking of, if we decrease this week, may be it can still go down to P4 to P5 rollback in prices before the conflict between Israel and Iran happened. So long as there is no additional conflict that will happen that will cause speculation in prices,” he said.
Seaoil Philippines, Caltex, Jetti Petroleum, PTT Philippines and Cleanfuel issued separate advisories of the oil price rollback to reflect the movement of prices in the world oil market. Other oil companies are expected to follow.
Gasoline and diesel prices have been going up for five consecutive weeks due to the volatility in world oil prices.
Meanwhile, the DOE announced that nine oil companies have committed to provide fuel discounts to motorists in response to President Marcos’ call to help Filipino families cope with the impact of volatile global oil prices.
Companies that offer discounts to PUVs and non-PUVs are Petron, Shell, Caltex, Seaoil, Phoenix, PTT, Jetti, Clean Fuel, and Petro Gazz while Shell, Seaoil, and Phoenix are extending similar discounts to TNV drivers.
Each company has its own mechanism for implementing the discounts, such as specific implementation dates, promotional offers, and loyalty programs for private motorists.
Abad said the DOE also helped consumers last week by staggering the big time oil price hike last week.
“We implemented a staggered price increase. The government also has a fuel subsidy program,” Abad said, when asked about the government’s efforts to mitigate the impact to the public.
The oil firms raised pump prices in two tranches this week due the Middle East conflict and the US airstrike against Iran for a total of P3.55 per liter for gasoline, P5.20 per liter for diesel and P4.80 per liter for kerosene.
Prevailing retail prices of petroleum products at the National Capital Region for the week of June 17 to 23, 2025 showed that gasoline sells from P47 to P73.94 per liter, diesel from P46 to P68.80 per liter and kerosene from P59.96 to P84.24 per liter.
Meanwhile, Abad said the DOE continues to encourage investors and contractors in oil and gas drilling and exploration.
“But it takes time to explore, maybe 5 years and another 5 year to drill. So 10 to 15 years before actual production. It takes a long time so the options now are discount promo, fuel subsidy program and if the increase is huge, staggered price adjustments,” he said.
