Fuel price rollbacks seen after Democratic sweep of US midterms
Rollbacks are expected for gasoline, diesel and kerosene next week as the price of fuel continues to drop in the world market.
As gasoline, diesel, and kerosene prices continue to fall in the global market, rollbacks are anticipated next week in the Philippines. In the past few days, price reductions were hindered by apprehensions that the United States might target Iran. However, the Democratic Party's overwhelming success in the US midterms, which concluded earlier this week, mitigates these concerns.
Even following President Donald Trump's decision to launch a strike on Iran's Qeshm Island, the Democratic triumph empowers the opposition to block appointments, conduct investigations, and obstruct legislation, including measures that support Trump's campaign against Iran.
The Philippine peso rebounded to a P62:$1 exchange rate, achieving a closing price of P62.97 on Thursday, November 5. A stronger exchange rate corresponds to higher fuel prices since dollars are the currency utilized for crude oil procurement. Increased fuel and transportation expenses contributed to inflation reaching a three-year peak of 7.8% in October. Despite being in a tightening cycle to control inflation, the central bank affirms that its current monetary policy aims to support no specific exchange rate.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
