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Manila Bulletin devider Business devider The Economy devider Oil prices plunge as Middle East tensions ease

Oil prices plunge as Middle East tensions ease

DOE sees healthy fuel supply

Published Jun 22, 2026 03:09 pm
(Photo by Santi San Juan I MB)
(Photo by Santi San Juan I MB)

Following the initial peace talks in the Middle East last week, petroleum products are set to post substantial price rollbacks across gasoline, diesel, and kerosene.

Effective Tuesday, June 23, the Department of Energy (DOE) has prescribed a range of oil price adjustments to be implemented by oil companies this week.

Based on computations, gasoline prices should fall by ₱3.90 to ₱5.90 per liter this week, diesel by ₱9.04 to ₱11.04 per liter, and kerosene by ₱9.82 to ₱11.82 per liter.

DOE Undersecretary Alessandro Sales said the country’s overall average fuel supply has reached 43.86 days.

Among the three petroleum products, kerosene has the highest available supply at 128.96 days, followed by gasoline at 43.75 days, while diesel has about 40.42 days of supply.

“In terms of our supply of these fuels, we continue to enjoy a healthy inventory, albeit lower than when we were in the middle of a crisis. But the position is still good,” Sales assured.

Despite the recent closure of the Strait of Hormuz, Energy Secretary Sharon Garin explained that recent developments in the Middle East do not yet reflect the current price adjustments, as these are based on market movements last week. However, the DOE continues to monitor activities in the Strait of Hormuz to determine next week’s adjustments.

Meanwhile, state-run National Power Corp. (Napocor) reported that the energy sector has been continuously working to restore power services in parts of Mindanao after the region was hit by a magnitude 7.8 earthquake this month.

Napocor President Jericho Nograles said power services on Sarangani Island were restored on Sunday, June 21, while Balut Island achieved full energization last June 18.

National Electrification Administration (NEA) Administrator Antonio Almeda added that South Cotabato II Electric Cooperative Inc. (SOCOTECO II) has achieved 99-percent energization following restoration efforts.

Moving forward, NEA is set to pilot its underground cabling project in Naga City, which would allow electric and telecommunication lines to be relocated underground along a major corridor.

Related Tags

fuel prices gasoline diesel kerosene Rollback
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