Philippines Cuts Fuel Prices Amid Middle East Tension

The Department of Energy announced fuel price rollbacks effective Tuesday, June 23, 2026, after global oil prices declined. Gasoline prices will decrease by P3.90 to P5.90 per liter, diesel by P9.04 to P11.04 per liter, and kerosene by P9.82 to P11.82 per liter. The price drop follows a memorandum of understanding between the United States and Iran, which raised hopes for a ceasefire and normalized shipping through the Strait of Hormuz.

Companies such as Seaoil Philippines, Inc. and Shell Pilipinas Corp. have implemented these cuts, though several firms applied only the minimum prescribed adjustments. Despite the relief, Energy Secretary Sharon Garin noted that pump prices remain higher than they were before the February 28 conflict between Iran and U.S.-Israeli forces. The agency reports a healthy inventory with nearly 44 days of gasoline and 40 days of diesel supply.

The Philippines remains under a national energy emergency. Secretary Garin stated that the government will not lift emergency pricing powers until stability in the Strait of Hormuz is guaranteed, specifically citing reports that the strait closed again following flared tensions between Hezbollah and Israel. Undersecretary Alessandro Sales noted that the current pricing ranges account for the varying logistical and operational costs encountered by different oil companies.