(UPDATE) FOLLOWING three successive weeks of rising prices, fuel costs decreased on July 1 as tensions between Israel and Iran eased.
The largest reduction will apply to kerosene, with its price decreasing by P2.20.
Gasoline prices will decrease by P1.40 per liter, while diesel prices will drop by P1.80 per liter.
In another update, the Department of Energy (DOE) revealed discounted fuel prices for operators of Public Utility Vehicles (PUVs), Transport Network Vehicles (TNVs), as well as vehicles not classified under PUVs.
As of June 30, nine oil firms have pledged to offer rebates to drivers impacted by rising fuel prices, according to the department.
The Department of Energy reported that certain domestic petroleum firms have started providing price reductions for operators of public transportation vehicles.
The Department of Energy stated that the Land Transportation Franchising and Regulatory Board would receive copies of the list.
Sharon Garin, DOE OIC, stated that every oil company employs its own method for applying the discounts, including designated rollout schedules, special promotions, and reward systems tailored for individual drivers.
"While the discount rates might differ, drivers should still get significant savings each time they fill up their tanks at affiliated gas stations," Garin explained.
Director Rino Abad of the DOE Oil Industry Management Bureau stated that the government's fuel subsidy initiative will continue through the entire third quarter of 2023 and conclude prior to the beginning of the final three months of the year.
Oil firms are set to hold another meeting with the Department of Energy to talk about changes to their discount schemes.
Fuel prices surged last week following retaliatory missile strikes between Israel and Iran, as well as U.S. airstrikes targeting Iranian nuclear sites.
The price of diesel increased by 5.20 pesos per liter, gasoline rose by 3.50 pesos, and diesel kerosene climbed by 4.80 pesos.
From January onwards, gas prices have increased by ₱9 per liter for regular unleaded, ₱9.45 for diesel, and ₱1.85 for kerosene.