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Oil prices in the Philippines are expected to go down next week following eased concerns over supply disruptions, thanks to the ongoing ceasefire between Israel and Iran, the Department of Energy (DOE) announced Friday.

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According to Rodela Romero, Assistant Director III of the DOE’s Oil Industry Management Bureau, the following price rollbacks could take effect in the last week of June, based on four days of trading data from the Mean of Platts Singapore:

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Gasoline: Down by ₱1.00 to ₱1.40 per liter

Diesel: Down by ₱1.60 to ₱2.10 per liter

Kerosene: Down by ₱2.00 to ₱2.20 per liter

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Romero said the expected rollbacks reflect falling global oil prices as the ceasefire between Iran and Israel appears to be holding steady.

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Earlier this week, oil firms applied staggered price hikes in response to soaring global fuel costs.

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Meanwhile, Trade Secretary Cristina Roque confirmed that prices of basic and prime goods have yet to increase despite recent fuel price hikes.

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“Of course, if fuel prices continue to rise, manufacturers may begin to request price increases,” she said. “But as of now, no one has made a formal request. So far, we haven’t received any.”

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Roque also noted that sardine manufacturers who previously sought price adjustments have agreed to postpone any hikes in support of the President and Filipino consumers.