Local fuel retailers will roll back pump prices today, July 1, citing the dampening effect of easing geopolitical tensions in the Middle East.
Gasoline prices will fall by P1.40 per liter, diesel by P1.80, and kerosene by P2.20, industry players announced on Monday.
Energy executives attributed the latest round of price cuts to a ceasefire between Israel and Iran, which helped calm oil supply concerns in the region.
“Concerns over Middle East supply disruptions eased following the ceasefire, with the geopolitical risk premium on prices dropping sharply,” Leo Bellas, president of Jetti Petroleum Inc., said. “The market’s focus returned to fundamentals with the de-escalation of the conflict.”
Among the retailers implementing price reductions are Seaoil and Caltex, which will adjust prices across gasoline, diesel, and kerosene.
PTT, Jetti, and Clean Fuel, which do not offer kerosene, will match the gasoline and diesel rollbacks.
Price reductions take effect at 6:00 am for Seaoil, PTT and Jetti; 6:01 am for Caltex; 8:01 am for Clean Fuel.
The Department of Energy (DOE) said year-to-date net increases now stand at P9 per liter for gasoline, P10.05 for diesel, and P1.85 for kerosene, even with the latest rollbacks factored in.
As of June 24-30, DOE data showed fuel prices in Metro Manila averaging P56.15 per liter for gasoline (RON 91), P58.30 for diesel, and P72.62 for kerosene.
Tuesday’s rollback marks the first across-the-board price drop in several weeks, following successive hikes. Gasoline’s last increase was on May 20, diesel on June 3, and kerosene on June 10.
Promo discounts
The DOE also announced that four major oil firms — Petron, Shell, Caltex, and Clean Fuel — are offering per-liter promo discounts for public utility vehicles (PUVs) and transport network vehicle service (TNVS) drivers, with one company slashing up to P5 per liter at select stations.
Based on DOE reports as of June 25, several discount programs were already in place prior to the recent round of price hikes.
Petron, for instance, offers P0.50 to P3 per liter off for PUVs through its Super Driver Card program.
DOE Oil Industry Management Bureau Director Rino Abad said the agency has held talks with 12 oil companies to explore expanding discount schemes.
“From those 12 firms, around nine already have existing PUV discounts, and three extend them to both PUV and TNVS drivers,” Abad said during the Bagong Pilipinas Ngayon public forum.
The nine firms with active fuel discount programs for PUVs and private motorists include: Petron, Shell, Caltex, Seaoil, Phoenix, PTT, Jetti, Clean Fuel, and Petro Gazz.
Meanwhile, Shell, Seaoil, and Phoenix also offer TNVS-specific discounts.
Abad added that four types of fuel discount programs exist — including bulk purchases and fleet rates — and most remain ongoing as talks continue on how to expand or extend them.
“They have very simple guidelines. For example, PUVs are given dedicated lanes where the price is automatically discounted at the pump,” Abad explained. “For loyalty card promos targeting private motorists, of course, customers need to patronize the brand to earn and redeem discounts through cards or apps.”
The DOE said that if the ceasefire between Israel and Iran holds in the coming weeks — and no fresh geopolitical tensions emerge — fuel prices may see further downward adjustments.
The agency also reminded motorists that discount programs vary by brand, and implementation dates, mechanics, and promo terms are determined by individual companies.
Discount stations and rates will be published regularly by the DOE to guide motorists.
