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Manila Bulletin devider Business devider The Economy devider Big-time fuel rollback coming: Diesel prices could plunge by ₱9 next week

Big-time fuel rollback coming: Diesel prices could plunge by ₱9 next week

Published Jun 18, 2026 02:17 pm
A rider fills up his tank ahead of a predicted “big-time” fuel price hike. Domestic oil firms are expected to implement double-digit increases starting Tuesday, potentially pushing diesel prices to a near-historic ₱166 per liter. (Photo by Mark Balmores I MB)
A rider fills up his tank ahead of a predicted “big-time” fuel price hike. Domestic oil firms are expected to implement double-digit increases starting Tuesday, potentially pushing diesel prices to a near-historic ₱166 per liter. (Photo by Mark Balmores I MB)
Local pump prices are on track for a big-time rollback next week, with diesel projected to drop by up to ₱9 per liter and gasoline by ₱5  due to the United States (US)-Iran peace deal, which will reopen the Strait of Hormuz, a critical global oil route.
Based on the first three days of regional commodity trading, diesel prices in the domestic market are projected to fall by ₱7 to ₱9 per liter for the third week of June, according to data from the Mean of Platts Singapore (MOPS).
Retail gasoline prices are also expected to drop by ₱3 to ₱5 per liter.
The Department of Energy (DOE) is scheduled to officially announce the formal guidance for the mandatory price adjustments on Monday, June 22, before local oil companies adjust their boards at the pumps.
Next week’s relief follows a mixed week for local motorists, where gasoline rose by up to ₱1.68 per liter but diesel dropped by as much as ₱5.71.
Under local deregulation laws, downstream oil companies are mandated to align their weekly price adjustments within the parameters and structural data monitored by the DOE.
Global energy markets are responding directly to the abrupt easing of geopolitical risk premiums in the Middle East. Speculation of supply disruptions evaporated after the US and Iran were set to sign an initial memorandum of understanding, widely known as the Islamabad Memorandum, to bring an end to the monthslong military hostilities.
The primary component of the diplomatic breakthrough includes the immediate, orderly unwinding of the US naval blockade alongside the synchronized reopening of the Strait of Hormuz, which is responsible for the transit of roughly one-fifth of the world’s petroleum supplies.
Local energy officials, however, urged long-term caution despite the impending relief at the pumps. While the rollbacks will offer immediate operational breathing room for the transport sector and consumers, the DOE noted that domestic retail prices will still face a protracted lag before fully returning to their pre-war baselines.
The agency explained that the broader global supply chain requires additional time to completely absorb the systemic shocks and backlogs triggered by the Middle East conflict, even as immediate trade routes begin to clear.

Related Tags

oil prices Gasoline diesel Rollback
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