The Department of Energy (DOE) announced significant reductions in fuel prices starting June 2, with gasoline prices dropping by ₱4.76 per liter and kerosene by ₱10.86 per liter.
Fuel Price Rollbacks Reflect Market Stability
This is good news, because we are going closer to pre-war prices.
Sharon Garin, Energy Secretary
- Gasoline prices will decrease by ₱4.76 per liter.
- Diesel will see a reduction of ₱9.26 per liter.
- Kerosene will experience the highest rollback at ₱10.86 per liter.
This latest adjustment marks one of the largest weekly rollbacks in months, reflecting a broader trend of decreasing oil prices globally.
Garin highlighted that the decline in domestic fuel prices is a result of improved supply conditions and a decrease in demand in major markets.
She noted that current prices are gradually aligning with pre-conflict benchmarks, which ranged from ₱50 to ₱60 per liter. Garin expressed optimism that if geopolitical tensions remain stable, prices could continue to trend downward.
The volatility in oil prices over the past year has been largely attributed to geopolitical tensions, particularly in the Middle East, affecting global crude benchmarks.
With this rollback, the DOE aims to cushion consumers from the impacts of fluctuating global oil prices and enhance economic recovery.