The Department of Energy (DOE) announced on Friday that a substantial rollback in diesel prices is expected on June 23, driven by a decline in global petroleum prices following a US-Iran agreement. According to Philstar Biz, the DOE estimates that diesel could drop by as much as PHP 2.50 per liter, providing relief to consumers and industries reliant on fuel.
The anticipated price reduction follows a period of volatility in the global oil market, which saw prices retreat after the US and Iran reached a preliminary deal that could ease supply concerns. The DOE noted that the rollback would be one of the largest this year, and it urged motorists and businesses to await the official price adjustment on Tuesday.
Industry analysts said the move could help ease inflationary pressures in the transport and logistics sectors, which have been grappling with high fuel costs. The DOE added that it continues to monitor global developments and will announce the final price adjustments on Monday, June 22.