Manila: Department of Energy (DOE) officials are optimistic about the continued decrease in fuel prices as the initial peace agreement between the United States and Iran is set to be finalized later this week. According to Philippines News Agency, data from the DOE revealed that diesel prices are expected to drop by PHP3.71 to PHP5.71 per liter, and kerosene prices by PHP0.50 to PHP2.50 per liter this week. Meanwhile, gasoline prices may either decrease by PHP0.32 per liter or increase by up to PHP1.68 per liter. In an advisory, Jetti Petroleum announced a reduction in diesel prices by PHP3.80 per liter, with an increase in gasoline prices by PHP1.60 per liter, effective 2 p.m. on Tuesday, June 16. Similarly, Seaoil will roll back diesel prices by PHP3.71 per liter and kerosene by PHP0.50 per liter, while increasing gasoline prices by PHP1.68 per liter, effective 6 a.m. on Tuesday. Energy Secretary Sharon Garin expressed hope for the continuation of these trends, referencing the ongoing peace talks among the nations involved in the current Middle East conflict. She anticipated a conclusion to the agreements by Friday and expressed optimism regarding the parties' final decision. DOE Undersecretary Sandy Sales noted that fuel prices have already decreased to approximately PHP80 per liter from over PHP120 per liter after the onset of the Middle East crisis. He projected further reductions but cautioned that it could take six months to a year due to the damage to oil storage and production facilities in the region. Sales remarked that the recent price cuts reflect market anticipation of the US-Iran peace deal's outcome. He explained that while there is potential for further price reduction following the agreement, it might not immediately return to pre-war levels, due to the time required to restore disrupted supply.