Price of petroleum products to go down next Tuesday following the de-escalation of Israel-Iran bombing.

The estimated downward price adjustments are as follows:

Gasoline – P1.00 to P1.40 per liter

Diesel – P1.60 to P2.10 per liter

Kerosene – P2.00 to P2.20 per liter

Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said the estimates are based on four-day trading in the MOPS (Mean of Platts Singapore).

“Bearish factor that counterbalance the bullish price last week is the announcement of President [Donald] Trump of possible ceasefire between Israel and Iran, thus crude oil future extends drop,” Romero said.

MOPS is the basis for pricing of refined petroleum products in Southeast Asia.

The local oil industry uses MOPS —the daily average of all trading transactions between buyers and sellers of petroleum products as assessed and summarized by Standard and Poor’s Platts.

DOE officer-in-charge Sharon Garin earlier said that the average price of crude oil had been observed to be going down after Trump announced that a ceasefire between Israel and Iran was already in place.

For this week, fuel retailers have agreed to implement the big-time hike in petroleum prices in two tranches to ease the burden on motorists.

Major petroleum firms hiked the prices per liter of gasoline by P1.75, diesel by P2.60, and kerosene by P2.40, effective 6 a.m. on Tuesday, June 24, 2025.

The same price hikes were implemented at 6 a.m. on Thursday, June 26, reflecting the second tranche of adjustments.