Gasoline, diesel prices down by over P4 this week

MANILA, Philippines — Local gas and fuel prices are set to go down by more than P4 this week, a bigger rollback compared to last week’s price adjustments.

The Department of Energy announced the following pump price rollback on Monday, August 10:

• Diesel - to go down by P4.30 per liter
• Gas - to go down by P4.70 per liter
• Kerosene - to go down by P4.88 per liter

The agency said the adjustments were still based on the movement of global oil supplies amid tensions in West Asia.

Last week, DOE’s Oil and Management Bureau director Rino Abad said the temporary pause in the exchange of attacks between the United States and Iran was the major factor that caused the local rollback.

According to a report from Agance France-Presse, Iranian Foreign Minister Abbas Araghchi announced that discussions with Oman over management of the Strait of Hormuz, which is a critical passageway for about 20% of the world's oil and liquefied natural gas (LNG), were "approaching the final stages".

Iran laid out conditions for the reopening of the strait, including an end to the “war and aggression” against Iran, and allies in Lebanon, Palestine, Yemen, and Iraq.

It also demanded to lift the parallel US naval blockade of Iran, end sanctions, the release of frozen assets, and compensation for wartime damage.

In the Philippines, this week’s rollback is so far the biggest since the back-to-back price hikes in mid-July.

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