Manila: The Department of Energy (DOE) announced a significant price rollback in fuel prices beginning Tuesday, marking a substantial relief for consumers.

According to Philippines News Agency, data released by the DOE indicated that gasoline prices are set to decline between PHP3.90 to PHP5.90 per liter, while diesel prices will see a reduction of PHP9.04 to PHP11.04 per liter. Kerosene prices are expected to decrease by PHP9.82 to PHP11.82 per liter. Seaoil has confirmed adjustments, with diesel prices decreasing by PHP9.04 per liter, gasoline by PHP3.90 per liter, and kerosene by PHP9.82 per liter. Similarly, Shell will reduce gasoline prices by PHP3.90 per liter, kerosene by PHP11 per liter, and diesel by PHP9.04 per liter.

Energy Secretary Sharon Garin explained in a virtual briefing that these adjustments reflect the previous week's market trends. DOE Undersecretary Allesandro Sales highlighted the agency's ongoing efforts to maintain a price range to address the logistical, operational, and pricing challenges faced by oil companies. Currently, most diesel and gasoline prices are already below PHP70 per liter, which provides some financial relief to consumers.

Sales further noted that the country's fuel inventory remains healthy, albeit lower than during the peak of the crisis. As of June 19, the total fuel inventory is sufficient for 43.86 days at current consumption levels. Specifically, gasoline supply is projected to last for 43.75 days, diesel for 40.42 days, fuel oil for 38.21 days, kerosene for 128.96 days, liquefied petroleum gas for 42.86 days, and jet fuel for 68.30 days.

Despite reports of another closure of the Strait of Hormuz, Secretary Garin mentioned that the DOE would await reports from the international market before making any assessments, ensuring that the local market remains stable and adequately supplied.