Petron Corporation moved early in a broad industry rollback, cutting diesel prices by ₱20.89 per liter, alongside ₱4.43 for gasoline and ₱8.50 for kerosene, as fuel firms responded to shifting global oil conditions after weeks of sustained increases.
While other local oil companies implemented their own adjustments, Petron’s cuts reflected the wider shift across the industry. Shell Pilipinas posted the largest reduction, lowering diesel by ₱23 per liter, gasoline by ₱6.50, and kerosene by ₱11.50. UNIOIL rolled back diesel by ₱20.90 and gasoline by ₱4.50. Jetti Petroleum reduced diesel by ₱2 and kept gasoline prices unchanged, while choosing not to implement previously planned increases of ₱18.60 for diesel and ₱5.40 for gasoline.
The scale of the reductions exceeded earlier projections. A report cited by MANILA BULLETIN said the Department of Energy warned oil firms of possible legal action if they failed to impose government-mandated price cuts, adding pressure ahead of the adjustments.
The rollback followed a temporary easing of tensions between the United States and Iran after a two-week ceasefire, which reduced immediate concerns over supply disruptions and opened space for local price adjustments.
That shift proved short-lived. Talks between the two countries broke down after negotiations in Islamabad, with the United States preparing to carry out an order to set up a blockade at the Strait of Hormuz, a critical waterway controlled by Iran.
Brigitte Carmel Lim, senior vice president and COO of Top Line, said the latest developments would “primarily impact global oil prices, as it is a critical supply route.”
“While the Philippines does not depend solely on this region, any disruption can still push prices higher worldwide,” she said.
Jetti Petroleum president Leo Bellas said, “Further attacks by Iran on export facilities that bypass the Strait of Hormuz would inflict maximum damage to the already shaky crude oil markets, and may result in further increases in prices.”
