The Department of Energy (DOE) said it is still too early to determine whether fuel prices will continue to decline or increase in the coming week, citing ongoing global developments that could significantly affect oil markets.

Energy Secretary Sharon Garin explained that any projection on oil price adjustments remains uncertain at this stage, as international factors—particularly geopolitical tensions—continue to influence global supply and pricing.

The DOE noted that the outcome of ongoing diplomatic efforts between the United States (US) and Iran will be a key determinant of whether local pump prices will see another rollback or a fresh increase. A positive resolution, the agency said, could help stabilize global oil prices and prevent further spikes.

Earlier, US President Donald Trump indicated that a ceasefire is set to end Wednesday evening (Washington time) and described it as “highly unlikely” to be extended without a formal agreement in place. The development has added to market uncertainty, with traders closely watching the situation for potential disruptions in oil supply.

Meanwhile, the DOE also raised concerns over procurement limitations, expressing disappointment over the Philippines needing clearance from the US before it can purchase oil from Russia.

The agency emphasized that it is exploring alternative measures to cushion the impact of what it described as an ongoing global oil crisis.

Officials said efforts are underway to identify solutions that could mitigate the effects of volatile fuel prices on consumers, as the country remains heavily dependent on imported petroleum products.