Consumers are seeing some relief at the pump as oil firms have announced price rollbacks effective today, July 8, 2025. This comes after weeks of sustained price hikes, offering a welcome respite to motorists and businesses alike.
Several companies, including PTT, Shell, PetroGazz, Seaoil, and Petron, have reduced gasoline prices by PHP0.70 per liter and diesel by PHP0.10 per liter. Shell, Seaoil, and Petron are also cutting kerosene prices by PHP0.80 per liter. These adjustments took effect at 6 a.m. today. Cleanfuel, Petro Gazz Ventures Philippines Corp., and PTT Philippines Corp. implemented the same changes, excluding kerosene which they do not carry; the adjustments took effect at 8:01 a.m. for Cleanfuel.
The price adjustments are attributed to a decrease in international oil market prices. Concerns surrounding the Iran-Israel conflict have eased following the announcement of a ceasefire, contributing to the downward pressure on prices. Oil prices had risen to over USD80 per barrel in the fourth week of June after an Israeli attack on Iran's nuclear facilities on June 23, but have since fallen below USD70 per barrel after the ceasefire announcement.
Prior to the rollback, retail fuel prices in Metro Manila (from June 24 to 30) were at the following levels: gasoline (RON97/100) - P70.25, gasoline (RON95) - P61.10, gasoline (RON91) - P56.15, diesel - P58.30, diesel plus - P61.30, and kerosene - P72.62.
Despite the current rollbacks, the Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) has cautioned that these price reductions may be temporary. The looming July 9 deadline for trade talks with the United States regarding reciprocal tariffs could potentially trigger a price rebound.
Notably, even with two consecutive weeks of price decreases, fuel prices remain high, with the reductions only partially offsetting the increases from the end of June. So far, only P2.10 per liter has been slashed from gasoline prices, P1.90 from diesel and P3 from kerosene. The total net increase for the year remains at P8.30 per liter for gasoline, P9.95 for diesel and P1.05 for kerosene.
The Organization of the Petroleum Exporting Countries (OPEC+) will also be raising production to 548,000 barrels per day in August, exceeding the expected level of 411,000 barrels, further contributing to downward pressure on global oil prices.
In Maharashtra, as of July 8, 2025, the petrol price stands at ₹104.84 per liter, which is a decrease of ₹0.12. In Ghaziabad, the petrol price today is INR 94.65 per liter, with no change from yesterday. These prices are influenced by factors such as the Rupee to US dollar exchange rate, the cost of crude oil, global cues, and fuel demand.
