Fuel price rollback of up to P5.71/liter set on June 16

MANILA, Philippines – Motorists can expect relief as local fuel prices are set to drop by as much as P5.71 per liter starting June 16.

In a media briefing, Department of Energy (DOE) Secretary Sharon Garin said gasoline prices could drop by 32 centavos per liter, or increase by up to P1.68 a liter.

READ: DOE sees oil price surges amid renewed US-Iran war

Rollbacks for diesel prices, meanwhile, could decline by P3.71 to P5.71 per liter.

Kerosene will likewise have a price cut of 50 centavos to P2.50 per liter.

Garin said prices could fall further, especially if peace talks between U.S. and Iranian leaders continue to gain traction.

READ: Trump: Deal reached with Iran, Hormuz naval blockade ordered removed

“Hopefully, they could conclude their agreements. By Friday, we will see the progress and whether the parties involved have reached a final decision,” she said./pai INQ