Big-time pump price rollback set Tuesday, June 2, 2026

Motorists will get a reprieve this week, as fuel retailers are set to implement a big-time pump price rollback after five straight weeks of increases for gasoline, and two for diesel.

The Department of Energy (DOE) on Monday prescribed a minimum rollback per liter of P4.76 for gasoline, P9.26 for diesel, and P10.86 for kerosene for the June 2 to June 8, 2026 period.

Actual price cuts -- which take effect on Tuesday, June 2, 2026 -- may differ per company and could be larger than prescribed.

“Good news because we’re going closer to the pre-war prices. Pre-war was around P60, P50 to P60, and now we’re getting closer and closer to this amount,” DOE Secretary Sharon Garin said in a virtual briefing.

“Hopefully, with no more surprises in the events that are happening in the Middle East, especially with Iran, Israel, and US, hopefully it goes steady and we go back to the previous prices, or at least not as high as before,” she added.

An oil industry source earlier projected big-time rollbacks this week, citing optimism over the reopening of the Strait of Hormuz, which carries around a fifth of the world’s oil, amid the easing tensions and improving sentiments between the United States and Iran.

Firms last week hiked prices per liter of gasoline by P1.60, diesel by P1.96, and kerosene by P1.45.

This brought year-to-date adjustments to a net increase of P49.72 per liter for gasoline, P46.84 per liter for diesel, and P40.50 per liter for kerosene as of May 26, 2026.

DOE data showed that the country’s total fuel inventory stood at 45.97 days as of May 29, 2026—gasoline at 47.10 days, diesel at 44.36 days, kerosene at 143.64 days, jet fuel at 65.03 days, fuel oil at 41.30 days, and liquefied petroleum gas (LPG) at 42.13 days.—AOL/MCG, GMA News