Motorists are set to receive significant relief at the pumps this week as the Department of Energy (DOE) projects a substantial rollback in fuel prices effective Tuesday, June 23, 2026, following a sharp decline in global oil prices.
Estimated price reductions
Based on the DOE's latest estimates, pump prices could be reduced by: gasoline by P3.90 to P5.90 per liter, diesel by P9.04 to P11.04 per liter, and kerosene by P9.82 to P11.82 per liter.
Global oil price decline
The expected rollback comes after international crude oil prices retreated in the wake of a memorandum of understanding signed by the United States and Iran last week, paving the way for a ceasefire and easing concerns over potential disruptions in global oil supply. According to the DOE, global petroleum prices fell sharply as markets responded positively to the agreement, which raised hopes for the normalization of oil shipments and reduced risks surrounding the strategic Strait of Hormuz, a key route for global energy trade.
