The Department of Energy (DOE) announced that fuel prices in the Philippines will be reduced starting 10 November 2026. Gasoline will fall by 16.80 pesos per liter, diesel by 4.10 pesos per liter, and kerosene by 3.70 pesos per liter. The price changes will remain in effect through 16 November. The DOE’s Oil Industry Management Bureau said the rollback reflects expectations that diplomatic efforts—particularly mediation by Qatar and recent developments in the United States—may lead to a resolution of the US‑Iran conflict. The easing of tensions is expected to lower the geopolitical risk premium on international oil prices and improve security of shipments through the Strait of Hormuz, a key route for global petroleum trade. Lower shipping insurance and transportation costs, as well as the possibility of higher oil exports from Gulf producers, are also cited as contributing factors. Energy Secretary Sharon S. Garin welcomed the reductions, stating that the changes would provide relief to motorists, public‑transport operators and households. “This substantial rollback is welcome relief for Filipino motorists, public transport operators, and households. The DOE is working to protect the interests of Filipino consumers by ensuring that reductions in international oil prices are reflected at the pump,” she said. Garin added that the department would continue to monitor fuel price movements and coordinate with industry stakeholders to ensure consumers benefit from favorable developments in global markets. As of 6 November, the Philippines had an estimated 50.33 days of total petroleum supply. Gasoline inventories were equivalent to 51.64 days of supply, while diesel stocks represented 53.95 days. The DOE said these inventory levels provide a buffer for the country’s fuel requirements amid changing global market conditions.
Article source: The Daily Tribune | Image credit: The Daily Tribune