Fuel Prices Roll Back Amid Global Oil Supply Tensions

The Department of Energy (DOE) announced a significant rollback in gas and fuel prices across the Philippines. The price adjustments, which took effect on Monday, August 10, are expected to bring down gasoline and diesel prices by over P4 per liter.

Diesel prices will decrease by P4.30 per liter, while gas prices will go down by P4.70 per liter. Kerosene prices will also experience a decline of P4.88 per liter.

The DOE attributed the rollback to the movement of global oil supplies amid tensions in West Asia. The agency's Oil and Management Bureau director Rino Abad previously mentioned that the temporary pause in the exchange of attacks between the United States and Iran was a key factor in last week's price adjustments.