The country’s oil companies have reduced pump prices by P0.70 per liter for gasoline, P0.10 per liter for diesel, and P0.80 per liter for kerosene, reflecting movements in global oil markets.
Seaoil Philippines, Cleanfuel, PTT Philippines, Jetti Petroleum, and Chevron Philippines issued separate advisories confirming the second week of consecutive rollbacks driven by easing tensions in the Middle East.
Jetti Petroleum president Leo Bellas said the rollback was slightly lower than forecast because freight and premium levels have remained elevated.
Department of Energy Oil Industry Management Bureau Director Rino Abad said world oil prices declined last week due to several factors, including the sustained ceasefire between Israel and Iran, which helped stabilize the oil supply from the Persian Gulf.
Abad added that expectations the Organization of the Petroleum Exporting Countries would continue releasing 411,000 barrels of oil per day in July also pressured prices downward.
Another factor weighing on the market, he said, is the possible reimposition of global tariffs by the United States by July 10, as the 90-day suspension is set to expire tomorrow.
On July 1, oil companies had already implemented bigger rollbacks—cutting gasoline by P1.40 per liter, diesel by P1.80 per liter, and kerosene by P2.20 per liter. Despite the recent reductions, prices still reflect a net increase of P9 per liter for gasoline, P10.05 for diesel, and P1.85 for kerosene so far this year.
