The Philippine Department of Energy (DOE) announced fuel price rollbacks effective November 10 to 16, with gasoline decreasing by at least P16.80 per liter, diesel by at least P4.10 per liter, and kerosene by at least P3.70 per liter. International oil prices fell as hope rekindled for the easing of tensions between the United States and Iran following the US midterm elections. The Philippines imports much of its petroleum requirements as finished products, making domestic prices vulnerable to changes in regional fuel markets, freight costs, and foreign exchange rates.
DOE Announces Fuel Price Rollbacks for November 10 to 16
The Department of Energy announced the following permitted price adjustments for November 10 to 16:
- Gasoline – rollback of at least P16.80 per liter
- Diesel – rollback of at least P4.10 per liter
- Kerosene – rollback of at least P3.70 per liter
Previous Week Saw Mixed Price Adjustments on November 4
Last week, gasoline prices saw a hike of as much as P3.50 per liter, while diesel and kerosene prices fell by at least P1 and P1.90 per liter, respectively.
International Oil Prices Fall on Middle East Tensions Easing
International oil prices fell as hope rekindled for the easing of tensions between the United States and Iran following the US midterm elections. A possible de-escalation of the conflict could allow more Middle Eastern oil to reach global markets, improving the strained supply.
Pre-Conflict Fuel Prices Recorded in Late February
Local pump prices remain substantially higher than before fighting involving Iran and US-Israeli forces broke out on February 28. In the last full week before the conflict, common Metro Manila prices stood at P56 per liter for RON95 gasoline, P54.70 for RON91, P55 for diesel, and P83.47 for kerosene.
Executive Order No. 125 Suspends Excise Taxes on LPG and Kerosene
Excise taxes on liquefied petroleum gas and kerosene remain suspended under Executive Order No. 125, issued by President Ferdinand Marcos Jr. in September. The relief does not cover gasoline or diesel.
FAQ
What fuel price rollbacks did the DOE announce for November 10 to 16?
The Department of Energy announced rollbacks of at least P16.80 per liter for gasoline, at least P4.10 per liter for diesel, and at least P3.70 per liter for kerosene, effective November 10 to 16.
Why did international oil prices fall?
International oil prices fell as hope rekindled for the easing of tensions between the United States and Iran following the US midterm elections. A possible de-escalation of the conflict could allow more Middle Eastern oil to reach global markets, improving the strained supply.
What were fuel prices in Metro Manila before the conflict broke out on February 28?
In the last full week before the conflict involving Iran and US-Israeli forces broke out on February 28, common Metro Manila prices stood at P56 per liter for RON95 gasoline, P54.70 for RON91, P55 for diesel, and P83.47 for kerosene.
