MANILA (June 1) — After weeks of punishing increases at the pump, motorists may finally get a reprieve next week as fuel prices are projected to post their biggest rollback in months, driven by easing global oil prices and renewed optimism over diplomatic talks between the United States and Iran.
Based on trading movements during the first four days of the week, the Department of Energy (DOE) said gasoline prices could fall by as much as PHP4 per liter, while diesel and kerosene prices may see steeper reductions of up to PHP8 and PHP10 per liter, respectively.
If realized, the rollback would erase much of the recent surge that pushed transport operators and consumers to absorb successive price hikes amid tensions in the Middle East.
The projected cuts come just days after oil companies implemented increases of PHP1.95 per liter for gasoline, PHP1.90 per liter for diesel, and PHP1.45 per liter for kerosene.
DOE Oil Industry Management Bureau Director Rino Abad attributed the expected decline to improving market sentiment following developments in negotiations between the United States and Iran, easing fears of prolonged disruptions in global oil supply.
While fuel prices remain elevated compared to pre-crisis levels, Abad noted that international oil prices have significantly retreated from the peaks recorded shortly after conflict erupted in the Middle East in late February.
“Prices have gone down considerably from the nearly PHP140 per liter levels seen during the height of market anxiety,” he said during a guest appearance on Bagong Pilipinas Ngayon.
The anticipated rollback offers welcome relief to transport operators, many of whom have struggled to cope with volatile fuel costs in recent months. Rising fuel prices have also raised concerns about their potential impact on transportation fares and the cost of basic commodities.
To cushion the effects of high oil prices, the government has continued implementing its Fuel Subsidy Program for public utility vehicle drivers under the Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) Program.
According to the DOE, around PHP40 million in fuel assistance has already been distributed. Qualified drivers may receive up to PHP1,500 per vehicle each week for three months, equivalent to a PHP10-per-liter subsidy.
The agency also reported that 1,263 gasoline stations nationwide have enrolled in the program, expanding access to subsidized fuel for eligible beneficiaries.
For motorists and transport workers alike, next week’s projected rollback signals a rare piece of good news after months of uncertainty in global oil markets. Whether the downward trend continues, however, will largely depend on developments in the Middle East and the outcome of ongoing diplomatic efforts aimed at stabilizing one of the world’s most critical energy-producing regions.
