Big-time fuel price cuts set this week

CEBU, Philippines — The Department of Energy (DOE) has announced significant fuel price rollbacks for the period of June 2 to June 8, providing relief to motorists and transport operators amid easing global oil prices.

During a virtual press conference on Monday, June 1, DOE Secretary Sharon Garin said fuel prices will see substantial reductions beginning today, June 2.

“Good news. For the period of June 2 to June 8, beginning tomorrow (today) until next Monday, there will be a major rollback in fuel prices,” Garin said.

Under the DOE-prescribed adjustments, gasoline prices will decrease by P4.76 per liter, diesel by P9.26 per liter, and kerosene by P10.86 per liter.

Garin clarified that the announced figures represent the minimum rollback amounts, noting that some oil companies have already implemented advance or staggered price reductions and may offer even lower prices at their stations.

She advised consumers to monitor announcements from their preferred fuel retailers for possible additional price cuts.

The energy secretary attributed the rollback to recent developments in the global oil market, which have led to lower fuel costs and brought local pump prices closer to levels seen before the escalation of conflicts in the Middle East.

Garin welcomed the decline, saying fuel prices are gradually returning to the range of around P50 to P60 per liter that consumers enjoyed before geopolitical tensions drove global oil prices higher.

She expressed hope that prices would continue to stabilize, provided there are no major disruptions in the Middle East involving Iran, Israel, and the United States.

According to Garin, the government remains optimistic that fuel prices will continue their downward trend and eventually return to more affordable levels for Filipino consumers.

She also emphasized that developments in the Middle East remain a key factor influencing global oil markets, adding that any escalation in the region could once again affect international crude prices and local fuel costs.

For now, however, Garin said the substantial rollback offers welcome relief to motorists, public transport operators, and businesses that rely heavily on fuel for their operations. — (FREEMAN)