Philippine pump prices to fall as oil costs ease

Domestic diesel prices in the Philippines are projected to be cut by PHP 7.50‑9.50 per litre and gasoline by PHP 3‑5 per litre, with the changes expected to take effect on June 23. The rollback follows a recent decline in global oil prices after traders priced in the likely reopening of the Strait of Hormuz, a move linked to the interim peace agreement between the United States and Iran.

Jetti Petroleum president Leo Bellas said that alternative crude supplies and the resumption of refinery operations have helped ease supply constraints, while a stronger peso against the U.S. dollar further reduces the cost of imported fuel. A Department of Energy official noted that if a final US‑Iran agreement is reached, local fuel prices could return to pre‑conflict levels within six months to a year.