Philippines Fuel Prices Set to Roll Back Amid Global Oil Price Easing
Fuel prices in the Philippines are set to decrease starting Tuesday, August 4, after weeks of consecutive hikes. The rollback is attributed to some easing in global oil and refined fuel prices following renewed geopolitical tensions in the Middle East.
The Department of Energy (DOE) announced that gasoline will experience a rollback of P0.73 per liter, diesel by P0.60 per liter, and kerosene by P2.09 per liter. These adjustments will take effect on Tuesday, August 4.
The latest rollback follows last week's fuel price hike, when pump prices increased by P6.80 per liter for gasoline, P7.32 per liter for diesel, and P4.22 per liter for kerosene. The increases were driven by escalating tensions in the Middle East, including Houthi attacks on commercial vessels and limited tanker movements through the Strait of Hormuz.