Energy Secretary Sharon Garin announced fuel price adjustments on June 29 for the week of June 30 to July 6, with gasoline ranging from a decrease of 10 centavos per liter to an increase of up to P1.90 per liter, diesel from a decrease of P1.16 per liter to an increase of 84 centavos per liter, and kerosene from a decrease of 78 centavos per liter to an increase of P1.22 per liter. The adjustments follow renewed hostilities between the US and Iran that reignited geopolitical concerns and drove a rebound in crude prices after early-week declines. The Philippines, as a net importer of petroleum products, remains vulnerable to global oil price swings and disruptions in international supply routes such as the Strait of Hormuz.
Energy Secretary Announces Fuel Price Range for June 30–July 6
In a press conference on June 29, Energy Secretary Sharon Garin announced the permitted price range adjustments for the week of June 30 to July 6. Gasoline prices may decrease by 10 centavos per liter or increase by up to P1.90 per liter. Diesel prices may decrease by P1.16 per liter or increase by up to 84 centavos per liter. Kerosene prices may decrease by 78 centavos per liter or increase by P1.22 per liter.
Before the latest adjustments, the Department of Energy's price monitoring showed common retail prices in Metro Manila at P73.00 per liter for gasoline RON95, P72.00 per liter for gasoline RON91, P69.10 per liter for diesel, and P97.50 per liter for kerosene for the week of June 23 to 29.
Previous Week Saw Major Rollback Across All Fuel Types
The price adjustments follow last week's major rollback, when pump prices went down by up to P5.90 per liter for gasoline, P11.04 per liter for diesel, and P11.82 per liter for kerosene. Last week's rollback came after global oil prices eased on hopes that the slowdown in fighting between the US and Iran would lower supply risks in the Middle East, including concerns over the Strait of Hormuz. The narrow waterway is one of the world's most important oil shipping routes.
Renewed US-Iran Tensions Drive Oil Price Rebound
Oil prices rose again after fresh exchanges between the US and Iran reignited fears of disruption in the Persian Gulf and slowed shipping traffic through the Strait of Hormuz. The US and Iran have since agreed to halt attacks and renew talks.
The DOE warned in its latest oil monitor that while crude prices had softened on expectations of improving Hormuz flows and the possible return of Iranian supply, declines could still be limited by low inventories and uncertainty beyond the temporary ceasefire period. The same DOE monitor said Dubai crude prices fell by around $14 per barrel during the June 15 to 19 trading period. International prices of gasoline, kerosene, and diesel also decreased by around $12 per barrel, $23 per barrel, and $21 per barrel, respectively.
The DOE noted that fresh military exchanges had reignited geopolitical concerns, driving a rebound in crude prices after early-week price action had been weighed down by expectations of a US-Iran peace deal.
Local Pump Prices Remain Above Pre-Conflict Levels
Despite last week's rollback, local pump prices remain well above levels seen before fighting between Iran and US-Israeli forces erupted on February 28. In the last full week before the conflict, DOE data showed common retail prices in Metro Manila at P56 per liter for gasoline RON95, P54.70 per liter for gasoline RON91, P55 per liter for diesel, and P83.47 per liter for kerosene.
FAQ
What fuel price adjustments did Energy Secretary Sharon Garin announce on June 29?
Energy Secretary Sharon Garin announced permitted price range adjustments for the week of June 30 to July 6. Gasoline may decrease by 10 centavos per liter or increase by up to P1.90 per liter. Diesel may decrease by P1.16 per liter or increase by up to 84 centavos per liter. Kerosene may decrease by 78 centavos per liter or increase by P1.22 per liter.
How much did fuel prices drop in the previous week's rollback?
In the previous week's rollback, pump prices went down by up to P5.90 per liter for gasoline, P11.04 per liter for diesel, and P11.82 per liter for kerosene.
Why did oil prices rebound after the initial decline?
Oil prices rebounded after fresh exchanges between the US and Iran reignited fears of disruption in the Persian Gulf and slowed shipping traffic through the Strait of Hormuz. The DOE noted that fresh military exchanges reignited geopolitical concerns, driving a rebound in crude prices.
