The Department of Energy welcomed progress in US-Iran peace talks but cautioned that restoring domestic fuel prices to pre-crisis levels could require six to 12 months. Officials emphasized that the situation now involves broader economic effects beyond oil supply.
Energy Secretary Sharon Garin spoke to reporters on June 15 about the need to review the national energy emergency declaration. She noted that the crisis now extends to inflation and its effects on spending, agriculture, and commodities.
Undersecretary Alessandro Sales stated that supply chain restoration is not immediate. He added that around 90 percent of the country’s fuel supply comes from the Middle East.
The DOE announced price rollbacks effective June 16, including reductions of 3.71 to 5.71 pesos per liter for diesel and 0.50 to 2.50 pesos per liter for kerosene. Gasoline prices may move within a narrow range depending on company decisions.
President Ferdinand Marcos Jr. declared the energy emergency in March after oil prices rose sharply due to the Middle East situation. Pre-crisis prices stood at approximately 55 pesos per liter for diesel and 56 pesos per liter for gasoline.
