July 8: Fuel prices to drop for up to P0.80 per liter

MANILA, Philippines — Motorists are in for slight relief at the pump starting Tuesday, July 8, as oil firms roll back fuel prices for a second straight week.

Oil firms announced on Monday, July 7, that gasoline will go down by P0.70 per liter, diesel by P0.10 and kerosene by P0.80.

The latest price cuts, however, are more modest than earlier estimates, which had projected a rollback of over P1 per liter for gasoline and about P0.50 for diesel.

According to the Department of Energy’s Oil Industry Management Bureau (DOE-OIMB), global oil prices have softened amid reduced supply fears, following the Israel-Iran ceasefire that began June 24. 

The ceasefire came after 12 days of exchanges, sparked by Israel’s surprise attack on Iran’s nuclear facilities and Iran’s subsequent retaliation.

OPEC+ will also be raising production to 548,000 barrels per day in August, exceeding the expected level of 411,000 barrels, further contributing to downward pressure on global oil prices.

Despite two straight weeks of rollbacks, prices remain elevated, with the reductions only partially offsetting the end-June increases of P3.50 per liter for gasoline, P5.20 for diesel and P4.80 for kerosene.

So far, only P2.10 per liter has been slashed from gasoline prices, P1.90 from diesel and P3 from kerosene. This brings the total net increase for the year to P8.30 per liter for gasoline, P9.95 for diesel and P1.05 for kerosene.

Prior to the two-week rollback, retail fuel prices in Metro Manila from June 24 to 30 stood at the following levels:

• Gasoline (RON97/100) - P70.25
• Gasoline (RON95) - P61.10
• Gasoline (RON91) - P56.15
• Diesel - P58.30
• Diesel Plus - P61.30
• Kerosene - P72.62

Fuel price rollbacks, however, may be brief, the DOE-OIMB said, as the July 9 deadline for trade talks with the United States over looming reciprocal tariffs could trigger a price rebound.