Major fuel price rollbacks set Nov. 10 with gasoline seen to fall P16.8
Motorists face sharply lower pump prices Tuesday.
Motorists in the Philippines are set to experience significantly lower fuel prices starting Tuesday, November 10, according to the Department of Energy (DOE). The DOE announced the changes on Monday, November 9, stating that gasoline prices will drop by P16.80 per liter, reducing the current rate. This rollback comes after a P3.50-per-liter increase in gasoline prices last week.
Diesel and kerosene prices also saw reductions, dropping by P1 and P1.90 per liter, respectively. Industry forecasts had initially suggested smaller cuts, particularly for gasoline, but the DOE's announcement indicates a more substantial decrease. The exact implementation method remains unclear, with the DOE yet to confirm whether the reductions will be applied uniformly on Tuesday or staggered over the following days.
The decision to adjust fuel prices was influenced by a decrease in global oil prices, which were impacted by easing concerns over potential U.S. military strikes on Iran. The midterm elections in the United States resulted in Democratic gains, bolstering the party's ability to oppose legislation supporting further military action in the Middle East.
U.S. President Donald Trump expressed confidence in the negotiations over Iran's nuclear program and the reopening of the Strait of Hormuz, a crucial route for global oil and liquefied natural gas shipments. Currently, the Philippine peso is trading near the P63-to-$1 level, which has the effect of lowering the local cost of imported petroleum products.
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.
