Senator Pia Cayetano on Saturday urged the Department of Energy (DOE) to closely monitor global oil markets, demanding that the newly signed peace agreement between the United States and Iran translate into immediate fuel price cuts at local pumps.
Cayetano stressed that local oil companies should not delay lowering their retail prices now that geopolitical tensions in the Middle East are cooling down.
“Filipinos should not have to wait longer to feel relief than they did to feel the increase,” Cayetano asserted.
The senator’s statement follows a major diplomatic breakthrough between U.S. President Donald Trump and Iranian President Masoud Pezeshkian. Their agreement to end months of active hostilities immediately stabilized vital maritime shipping lanes and eased global energy markets, sending Brent crude tumbling below $80 per barrel.
President Trump noted that oil prices had even fallen as low as $72 per barrel following the announcement.
Drawing on her experience leading legislative energy policy, Cayetano reiterated that the state must insulate ordinary citizens from sudden market shifts.
“As the former chairperson of the Senate committee on energy, I have consistently pushed for policies that protect Filipino consumers from the swings of international oil markets,” she stated.
The lawmaker also called for stronger regulatory oversight to ensure oil firms remain honest about their pricing strategies.
“And for greater transparency in how local pump prices respond to global price movements.”
The DOE is set to release the official adjusted fuel rates this coming Monday. However, industry data calculated from trading between June 15 and 18 heavily favors consumers. Early projections indicate that diesel prices could drop by ₱7.50 to ₱9.50 per liter, while gasoline prices are expected to decrease by ₱3.00 to ₱5.00 per liter.