Big-time pump price rollback seen on June 2, 2026

Motorists will be greeted with a round of reductions in pump prices in the first week of June.

Citing the Mean of Platts Singapore (MOPS) and foreign exchange averages in the past four days, an oil industry source said a price rollback is expected next week to be implemented as follows:

• Diesel - P6.50 to P7.50 per liter
• Gasoline - P3.50 to P4.50 per liter

“Crude and refined fuel products prices are pressured by improving sentiments that the US and Iran are moving closer towards a peace deal, even though both parties still remained at odds over key issues, and growing optimism on the prospect that the Strait of Hormuz will be reopened soon,” the industry source said.

“Supply tightness in diesel market is seen easing down, weighing on the price benchmark, as recent market developments point to some improvement in supply conditions, with refiners increasingly able to secure alternative crude supplies,” the source added.

Meanwhile, Asian gasoline prices are seen to trade in a tight range but could favor the downside following recent developments in the Middle East, according to the source.

Official fuel price adjustments are announced every Monday, to be implemented on the following day.

This week, effective May 26, petroleum retailers hiked the per liter prices of gasoline by P1.60, diesel by P1.96, and kerosene by P1.45.

While a pump price rollback is expected in the coming week, the industry source said that supply and demand balances remained precarious as global gasoline markets remain tight with the onset of the summer season while inventories continue to decline.

“While oil supply remains constrained and price swings are expected as the geopolitical risks remain high, recent reports that the US and Iran have agreed to extend the ceasefire for another 60 days and allow traffic to flow through the Strait of Hormuz will most likely weigh down on prices further,” the source said. —VAL, GMA News