Big fuel price rollback to proceed despite Hormuz disruption – DOE
MANILA, Philippines — Local fuel prices are still set for a big rollback this week despite fresh concerns over the closure of the Strait of Hormuz, the Department of Energy said Monday, June 22.
The DOE said fuel price adjustments from Tuesday, June 23, to Monday, June 29, will still reflect last week’s movement in the global oil market, before the latest reports on renewed disruption in the key oil shipping route.
Under the DOE’s weekly price adjustment advisory, fuel prices are expected to go down by the following amounts:
- Diesel: Down by P9.04 to P11.04 per liter
- Kerosene: Down by P9.82 to P11.82 per liter
- Gasoline: Down by P3.90 to P5.90 per liter
Energy Secretary Sharon Garin said any developments on Monday or Tuesday should not change the scheduled rollback for the current adjustment week.
"If anything happens today or tomorrow, fuel prices should not change from Tuesday to Monday next week," Garin said in Filipino on dzMM.
Hormuz impact may come later
Garin said the possible impact of renewed tension over the Strait of Hormuz would likely be reflected in next week’s price adjustments.
The Strait of Hormuz is a critical route for global oil shipments. Iranian state-linked media reported that the waterway would not reopen unless conditions tied to a Lebanon ceasefire and Iranian oil waivers were met. Oil markets have been weighing developments in U.S.-Iran talks and the reopening of the strait.
Garin said she was not yet recommending the lifting of the state of national energy emergency despite reports last week that the United States and Iran were moving toward an agreement.
"This is not yet certain. Only when there is already an agreement can we review what to do next," Garin said in an interview with dzMM on Monday morning.
Garin also reminded the public not to be complacent, saying oil and fuel prices remain vulnerable to decisions by key players in the West Asia conflict.
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