Oil companies are expected to implement significant price reductions on petroleum products tomorrow, Tuesday, June 2.

Based on initial estimates from several oil industry players, diesel prices are projected to drop by ₱8.70 per liter.

Gasoline, meanwhile, is seen to go down by ₱6.10 per liter, while kerosene is expected to see a rollback of ₱10.00 per liter.

The Department of Energy had earlier said the primary driver behind the rollback is the development in peace deal negotiations between the United States and Iran.

The Department of Energy is expected to announce the final oil price adjustment later today, which will take effect tomorrow, June 2.