Following the signing of a peace treaty between Iran and the United States last week, prices for oil have dropped in the global market. In turn, the Department of Energy (DOE) has released its mandated rollbacks for fuel prices for the coming week.
For the week of June 23 to June 29, gasoline is rolling back by P3.90 per liter, with diesel also dropping by P9.04 per liter. Kerosene price will also go down by at least P9.82 per liter.
Consistent with the past weeks that the DOE prescribed an allowed range of price movement, oil players have consistently chosen the lowest possible rollback for their price adjustments.
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Concerns have risen, however, over Iran’s latest reported closure of the Strait of Hormuz possibly driving up oil prices once again. In response, DOE secretary Sharon Garin reiterated that her department is actively monitoring the situation and remains committed to “preparing for the worst.”
She also reminded consumers that any price movements for oil in the coming days should only be reflected at the pump next week. In other words, gas stations are not authorized to preemptively raise prices over speculation of rising fuel prices before Monday, and not without the DOE’s mandate of allowed price movement.
