Oil companies in the Philippines began implementing steep fuel price cuts on Tuesday, June 2, with diesel falling by P9.26 per liter. The Department of Energy set the reductions for the week of June 2 to 8.
The Department of Energy announced the following minimum rollbacks effective June 2: diesel down P9.26 per liter, gasoline down P4.76 per liter, and kerosene down P10.86 per liter. Energy Secretary Sharon Garin noted that the changes bring pump prices closer to levels seen before the March escalation in global oil prices.
Some oil companies implemented the rollbacks ahead of schedule or reduced prices even further than required. The relief follows reports that the United States and Iran may extend their ceasefire for another 60 days and reopen the Strait of Hormuz.
Liquefied petroleum gas prices moved in the opposite direction. The DOE set a maximum increase of P3.41 per kilogram for June, which equals P37.51 for a standard 11-kilogram cylinder.
