Up to P10/L for diesel, P5/L for gasoline rollback seen next week

The stabilization of relations between the United States and Iran is a strong indicator of a potential rollback in fuel prices next week, June 23, according to the Department of Energy (DOE).

In a report by Raffy Tima on “24 Oras” Friday, the DOE estimates a possible rollback of P4 to P5 per liter for gasoline, P8 to P10 per liter for diesel, and P9 to P11 per liter for kerosene.

“Titignan natin hanggang saan ang pag-settle, remember na before the war nasa P60, P50 to P60 per liter tayo. Ngayon, nasa P80, P70 to P80 tayo,” DOE Oil Industry Management Bureau Director Rino Abad said

(We will have to see if prices will stabilize. Remember that before the conflict, we were at around ₱50 to ₱60 per liter. Currently, we are at ₱70 to ₱80.)

“Baka next week, nandoon na tayo sa partly P60 to P70 to P80 pa, pero hindi pa siya kasing baba nung P50 to P60 before the conflict,” Abad added.

(Next week, we might see prices sit partly between the ₱60 to ₱70 range, stretching up to ₱80, but it won’t be as low as the ₱50 to ₱60 level we saw before the conflict.)

Earlier on Wednesday, US President Donald Trump and Iran President Masoud Pezeshkian signed a memorandum of understanding seeking to end the Middle East conflict. However, concerns persist over whether a permanent ceasefire will take hold.

On Friday, Switzerland announced the postponement of the scheduled US-Iran peace talks aimed at sealing a pact to end the Middle East conflict.

US Vice President JD Vance and the American delegation were reportedly ready to depart for the talks before the sudden delay.

No date has been announced for when the negotiations between the two nations will be rescheduled.

Meanwhile, an Israeli airstrike in southern Lebanon earlier Friday left at least 18 people dead amid escalating regional tensions.

Some jeepney drivers are deeply hoping for a big rollback in fuel prices.

“Malaking pong ano sa amin ‘yon, malaking tulong yon,” jeepney driver Deither Valenzuela said.

(It will be a big help to us.)

Valenzuela, who drives an estimated 15 hours daily, shared that he only managed to bring home ₱350 yesterday, due to expensive fuel and a lack of passengers.

He added that although he received ₱5,000 cash aid, it offered very little relief.

“Kahit po sanang wala nang ayuda eh, ibalik lang po ‘yung dating diesel eh 49 [pesos], 50 [pesos] ‘yon malaking tulong na po sa amin yon kahit wala na pong ayuda,” Valenzuela said.

(Even if we don't get any cash aid, just bringing diesel back to P49 or P50 would already be a huge help to us.)

Passengers are also hopeful about the potential fuel price drop.

“Sana kapag ibinaba ang krudo, gasolina, kasamang ibababa din ang pamasahe,” a passenger said.

(I hope that when the prices of diesel and gasoline go down, jeepney fares will decrease as well.)

“Ganon din po, kasama na rin ang basic commodities,” another passenger added.

(The same should go for basic commodities.) —Lyjah Tiffany Bonzo/LDF, GMA News