Philippines to cut diesel and gasoline prices after US‑Iran peace deal lowers oil

International oil prices fell by about US$20 per barrel following an interim agreement between the United States and Iran, prompting expectations of a major rollback in Philippine fuel prices. Industry sources say diesel could drop by P7.50‑P9.50 per litre and gasoline by P3‑P5 per litre, with price adjustments likely to be announced on June 23.

Department of Energy Director Rino Abad confirmed a "huge rollback" is expected, noting diesel had already fallen around P3 per litre and kerosene about P0.50, while gasoline had risen earlier in the week. The stronger Philippine peso and resumed refinery output also helped ease market tightness.

The anticipated cuts reflect market reactions to the potential reopening of the Strait of Hormuz and the return of Middle‑Eastern crude supplies, rather than direct government intervention.