DOE Slashes Fuel Prices by Over P4 Amid Global Oil Supply Adjustments

The Department of Energy (DOE) announced that local gas and fuel prices will roll back by more than P4 this week, a bigger adjustment compared to last week's price adjustments.

The rollback is based on the movement of global oil supplies amid tensions in West Asia. Diesel prices are expected to go down by P4.30 per liter, gasoline by P4.70 per liter, and kerosene by P4.88 per liter.

Last week's price adjustments were influenced by a temporary pause in the exchange of attacks between the United States and Iran, according to DOE's Oil and Management Bureau director Rino Abad. However, this week's rollback is attributed to 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).