Big-time rollback in fuel prices seen next week

Motorists could expect a breather in the coming week after a round of a big-time hike as petroleum prices calmed down amid the anticipated de-escalation of Israel-Iran tensions.

The estimated downward price adjustments are as follows:

• Gasoline - P1.00 to P1.40 per liter
• Diesel - P1.60 to P2.10 per liter 
• Kerosene - P2.00 to P2.20 per liter

The estimates are based on four-day trading in the MOPS (Mean of Platts Singapore), according to Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero.

“Bearish factor that counterbalance the bullish price last week is the announcement of President [Donald] Trump of possible ceasefire between Israel and Iran, thus crude oil future extends drop,” Romero said.

MOPS is the basis for pricing of refined petroleum products in Southeast Asia.

The local oil industry uses MOPS —the daily average of all trading transactions between buyers and sellers of petroleum products as assessed and summarized by Standard and Poor’s Platts.

DOE officer-in-charge Sharon Garin earlier said that the average price of crude oil had been observed to be going down after Trump announced that a ceasefire between Israel and Iran was already in place.

For this week, fuel retailers have agreed to implement the big-time hike in petroleum prices in two tranches to ease the burden on motorists.

Major petroleum firms hiked the prices per liter of gasoline by P1.75, diesel by P2.60, and kerosene by P2.40, effective 6 a.m. on Tuesday, June 24, 2025.

The same price hikes were implemented at 6 a.m. on Thursday, June 26, reflecting the second tranche of adjustments. —VAL, GMA Integrated News