Manila, June 16 -- Department of Energy (DOE) officials are hopeful for the sustained drop in fuel prices as the initial peace deal between the United States and Iran are scheduled to be signed later this week.

Data released by the DOE on Monday showed that for this week, diesel prices are set to decline between PHP3.71 per liter to PHP5.71 per liter and kerosene, between PHP0.50 per liter to PHP2.50 per liter; while gasoline prices are seen to either be slashed off PHP0.32 per liter or hiked by as much as PHP1.68 per liter.

In an advisory, Jetti Petroleum said it will reduce diesel prices by PHP3.80 per liter but hike gasoline prices by PHP1.60 per liter, effective 2 p.m. on Tuesday, June 16.

Seaoil, in turn, said it will rollback d...