Fuel price rollback seen after two consecutive hikes

A gas station clerk receives a jeepney driver’s payment in coins at a station in Manila on March 15, 2022. George Calvelo, ABS-CBN News/FileMANILA — As July begins, motorists can expect a slight relief with an oil price rollback seen next week, following two consecutive big-time fuel price hikes.

Diesel seen to go up by P5/L next week

The Department of Energy confirmed this based on its monitoring of the previous trading days on the Mean of Platts Singapore.

The following price adjustments are expected to take effect on Tuesday, July 1:

Gasoline:  P1.40 - P1.60/L  decrease

Diesel:       P1.80 - P2.00/L decrease 

Kerosene: P2.00 - P2.30/L decrease 

The DOE said the price cuts were due to lower cost of oil in the world market after the declared ceasefire between Israel and Iran.

With regards to basic and prime commodities, the Department of Trade earlier stated that recent price hikes have yet to make an impact.

Pump prices this week rose by P5.20/L for diesel, P3.50/L for gasoline,  and P4.80/L for kerosene. Oil companies agreed to implement staggered hikes instead of dropping one big-time price increase.