Must Read
FUEL UP. Motorists refuel their tanks at a gas station along Kalayaan Avenue in Quezon City on March 9, 2026, ahead of impending oil price hikes following the tensionsFUEL UP. Motorists refuel their tanks at a gas station along Kalayaan Avenue in Quezon City on March 9, 2026, ahead of impending oil price hikes following the tensions
DOE: Bringing fuel prices to pre-war levels may take up to 12 months
For feedback or concerns regarding this content, please contact us at crypto.news@mexc.com
MANILA, Philippines – The Department of Energy (DOE) welcomed a breakthrough in peace talks between the United States and Iran, but believes it is too early to deem the country’s energy emergency over.
Speaking to reporters in a press conference on Monday, June 15, DOE Secretary Sharon Garin said that officials will have to meet and assess whether the energy emergency declaration is still necessary since the issue has evolved to something much more than just an oil supply problem.
“It’s an inflation problem. It’s about the capacity of our people to spend and also its impact on agriculture and commodities,” she said.
According to Energy Undersecretary Alessandro Sales, it may take around 6 to 12 months for domestic fuel prices to return to pre-crisis levels since there is a need to restore the disrupted supply chains.
“Restoring disrupted supply is not instantaneous,” he said.
Sales also noted that around 90% of the country’s supply originates from the Middle East.
Prior to the Middle East crisis, diesel cost around P55 per liter, gasoline approximately P56 per liter, and kerosene was priced at around P83.47 per liter.
The DOE also announced rollbacks in diesel prices ranging from P3.71 per liter to P5.71 per liter, as well as a lowering of kerosene prices at P0.50 per liter to P2.50 per liter.
Meanwhile, oil companies have the option to roll back gasoline prices by a P0.32 per liter or raise it by up to P1.68 per liter.
The latest price adjustment is estimated to place diesel prices in Metro Manila at around P76.19 per liter to P78.19 per liter and kerosene prices at approximately P107 per liter to P105 per liter. Gasoline prices in Metro Manila could range between P78.78 per liter to P80.78 per liter.
Image from Department of Energy
Sales described the diesel and kerosene price cuts as a reflection of markets’ anticipation of the result of Washington and Tehran’s peace talks.
President Ferdinand Marcos Jr. declared a state of national energy emergency back in March after global oil prices spiked due to the ongoing crisis in the Middle East.
– Rappler.com
Market Opportunity
Fuel Price(FUEL)
$0.00068
$0.00068$0.00068
USD
Fuel (FUEL) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact crypto.news@mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.
You May Also Like
Synopsys (SNPS) Stock Climbs on Murata Simulation Model Partnership
Synopsys (SNPS) stock rises as Murata Manufacturing expands access to HFSS and Icepak simulation models for faster electromagnetic and thermal analysis. The post
Share
Blockonomi2026/06/16 19:46
Hyperscale Data (GPUS) Stock Retreats After 77% Rally on Massive AI Data Center Agreement
Hyperscale Data (GPUS) stock retreats 7% after Monday's 77% surge. Company negotiating 20MW AI deal in Michigan valued over $1B, planning Bitcoin exit. The post
Share
Blockonomi2026/06/16 20:35
Franklin Templeton CEO Dismisses 50bps Rate Cut Ahead FOMC
The post Franklin Templeton CEO Dismisses 50bps Rate Cut Ahead FOMC appeared on BitcoinEthereumNews.com. Franklin Templeton CEO Jenny Johnson has weighed in on whether the Federal Reserve should make a 25 basis points (bps) Fed rate cut or 50 bps cut. This comes ahead of the Fed decision today at today’s FOMC meeting, with the market pricing in a 25 bps cut. Bitcoin and the broader crypto market are currently trading flat ahead of the rate cut decision. Franklin Templeton CEO Weighs In On Potential FOMC Decision In a CNBC interview, Jenny Johnson said that she expects the Fed to make a 25 bps cut today instead of a 50 bps cut. She acknowledged the jobs data, which suggested that the labor market is weakening. However, she noted that this data is backward-looking, indicating that it doesn’t show the current state of the economy. She alluded to the wage growth, which she remarked is an indication of a robust labor market. She added that retail sales are up and that consumers are still spending, despite inflation being sticky at 3%, which makes a case for why the FOMC should opt against a 50-basis-point Fed rate cut. In line with this, the Franklin Templeton CEO said that she would go with a 25 bps rate cut if she were Jerome Powell. She remarked that the Fed still has the October and December FOMC meetings to make further cuts if the incoming data warrants it. Johnson also asserted that the data show a robust economy. However, she noted that there can’t be an argument for no Fed rate cut since Powell already signaled at Jackson Hole that they were likely to lower interest rates at this meeting due to concerns over a weakening labor market. Notably, her comment comes as experts argue for both sides on why the Fed should make a 25 bps cut or…
Share
BitcoinEthereumNews2025/09/18 00:36
