The Department of Energy (DOE) on Monday announced a “major” rollback in pump prices starting on Tuesday, June 2.

DOE Secretary Sharon Garin said in a press conference that the price adjustment prescribed by the agency for diesel will be a minimum of ₱9.26, while gas prices will dip by ₱4.76. Likewise, kerosene prices will decrease by at least ₱10.86.

“The adjustment from June 2 to June 8, from tomorrow until Monday next week, there will be a rollback—a major rollback—on diesel, which is ₱9.26… and on gas, its rollback: ₱4.76, and kerosene at ₱10.86,” she said.

She emphasized that these price reductions are the minimum imposed by the DOE; oil firms may lower their pump prices by more but not less than the stipulated amount.

“The amounts indicated here are the amounts that are the minimum rollback. Some companies have actually done some advance rollback(s), some have done their staggering in advance of the rollback, or some are actually giving even lower prices,” Garin said.

The Energy secretary welcomed the development, saying fuel prices would now be closer to levels seen before the conflict in the Middle East, given no “surprises” would occur.

“So this is good news, good news because we’re growing closer to the pre-war (pump) prices. Pre-war was around ₱60, ₱50-60, and now we’re getting closer to this amount,” she said.

“So hopefully, with no more surprises in the events that are happening in the Middle East… hopefully it goes steady and we go back to the previous (pump) prices, or at least not as high as before,” she said.

In a report by Reuters, however, oil prices on the global market have climbed by two percent, after Israeli troops were ordered to move further into Lebanon to engage Hezbollah fighters, in spite of the ceasefire declared six weeks ago.