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Manila Bulletin devider Business devider The Economy devider Big-time diesel rollback looms as gasoline prices continue to climb

Big-time diesel rollback looms as gasoline prices continue to climb

Published Jun 12, 2026 11:51 am  |  Updated Jun 12, 2026 02:15 pm
A motorcycle rider refuels at a station in Quezon City on Tuesday, April 21, following a significant rollback in fuel prices. Oil companies implemented a major price cut this week, ₱24.94 per liter decrease for diesel, while gasoline and kerosene prices were slashed by ₱3.41 and ₱2.00, respectively. (Photo by Santi San Juan I MB)
A motorcycle rider refuels at a station in Quezon City on Tuesday, April 21, following a significant rollback in fuel prices. Oil companies implemented a major price cut this week, ₱24.94 per liter decrease for diesel, while gasoline and kerosene prices were slashed by ₱3.41 and ₱2.00, respectively. (Photo by Santi San Juan I MB)
Looming price hike in gasoline will pinch drivers next week, though diesel motorists will see some relief from an expected price rollback.
Based on the first four days of regional commodity trading, retail diesel prices are projected to drop by ₱3.5 to ₱4 per liter next week, according to industry estimates calculated from the Mean of Platts Singapore (MOPS) benchmark.
However, gasoline prices are expected to extend their recent rally, with a projected increase of roughly ₱0.50 to ₱1 per liter. Local oil companies are scheduled to announce the final regulated price adjustments on Monday, June 15, with implementation to follow on Tuesday.
The domestic market adjustments follow a volatile week for global crude benchmarks. Oil prices spiked earlier in the period amid intense geopolitical friction, driven by direct military engagements between Israel and Iran, alongside subsequent retaliatory maneuvers.
Tensions in the Middle East were further aggravated when the United States (US) launched military strikes targeting Iranian positions, prompting Tehran to reinstate transit restrictions through the Strait of Hormuz—a key maritime chokepoint responsible for approximately a fifth of global oil supply.
However, energy benchmarks surrendered those gains late in the week after both regional powers indicated a suspension of active hostilities. Sentiment was further cooled by indications from US President Donald Trump that proposed diplomatic settlement might be within reach, following his decision to cancel an anticipated round of fresh air strikes on Iranian oil infrastructure.
Despite the projected reprieve for diesel users, industry analysts warned that the outlook for local fuel prices remains highly unstable. Because local pump prices track the Singapore benchmark on a lagging basis, any sudden breakdown in Middle East diplomacy or fresh maritime blockades could quickly erase current market gains and resume upward pressure on domestic retail fuel margins.

Related Tags

oil prices Rollback OIL PRICE HIKE gasoline Diesel
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