Diesel and kerosene prices may decrease by more than P11 per liter today, the Department of Energy said, though some oil companies chose smaller cuts.
Energy Secretary Sharon Garin announced at a press briefing that diesel prices would fall by P9.04 to P11.04 per liter, kerosene by P9.82 to P11.82 per liter, and gasoline by P3.90 to P5.90 per liter. The rollback takes effect today and stays in place until June 29 with no further changes expected this week.
The DOE has allowed oil firms to select adjustments within a set range rather than mandating a single fixed change. Petron, Seaoil, Flying V, Unioil, Petro Gazz and Shell applied the minimum cuts, except Shell reduced kerosene by the full P11 per liter.
Energy Undersecretary Alessandro Sales noted that most diesel sold in Metro Manila will now be below P70 per liter. The Philippines holds an average fuel inventory of 43.86 days as of June 19.
Garin said the adjustments could be phased out if the Middle East truce holds and emergency powers are lifted. She expressed concern after Iran closed the Strait of Hormuz again following renewed tensions.
