Oil Prices Expected to Drop This Week, Says DOE

The Department of Energy (DOE) announced that domestic oil prices are likely to decline this week due to stabilizing global supply conditions.

Preliminary estimates show that gasoline may decrease by more than PHP 1.00 per liter, while diesel prices are expected to drop by around PHP 0.50 and kerosene by approximately PHP 0.80.

The final adjustments will be confirmed following the outcome of Friday’s global trading.

“The forecast reflects a combination of positive developments in the global oil supply chain,” said Rino E. Abad, director of the DOE’s Oil Industry Management Bureau.

Among the key factors is the ongoing ceasefire between Israel and Iran, which has eased tensions in the Persian Gulf—a vital region for global oil shipping routes.

Additionally, the Organization of the Petroleum Exporting Countries (OPEC) is expected to continue releasing an additional 411,000 barrels of oil per day throughout July.

The DOE also noted the upcoming expiration of the United States’ 90-day tariff suspension on July 9, which could trigger the return of global tariffs the following day.

This combination of increased supply and reduced geopolitical risk has helped moderate global oil prices, translating into likely rollbacks for local consumers.

Retail pump prices in the Philippines are adjusted weekly based on global oil market movements and exchange rate fluctuations.