DOE announces P16.80 fuel price rollback
FUEL PRICES SURGE ⛽ Motorists refuel at a Shell gas station in Quezon City on Tuesday, 22 September 2026, as major fuel price hikes take effect nationwide. Diesel prices rose by P8.82 per liter, gasoline by P4.88 and kerosene by P6.47 amid tensions in the Middle East and a weaker peso. Diesel pump prices are expected to range from P96.53 to P110.82 per liter. 📷 Analy Labor
Motorists will see a sharp drop in fuel prices beginning 10 November, with gasoline prices set to fall by P16.80 per liter, following easing concerns over the US-Iran conflict and improved prospects for global oil supply.
The Department of Energy (DOE) announced that diesel prices will also decline by P4.10 per liter, while kerosene prices will decrease by P3.70 per liter for the period of 10 to 16 November 2026.
The DOE's Oil Industry Management Bureau attributed the rollback to expectations of a possible diplomatic resolution to the US-Iran conflict, which have eased fears of further disruptions to Middle Eastern oil supplies.
Mediation efforts by Qatar and recent political developments in the United States have strengthened market expectations of reduced military escalation, lowering the geopolitical risk premium reflected in international oil prices.
Improved sentiment over the security of shipments through the Strait of Hormuz, a major passage for global petroleum trade, has also contributed to the decline. Reduced tensions could support higher oil exports from Gulf producers while lowering shipping insurance and transportation costs.
Energy Secretary Sharon S. Garin welcomed the reductions, saying the adjustments 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,” Garin said.
She added that the department would continue monitoring fuel price movements and coordinating 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 existing inventory levels provide a buffer for the country's fuel requirements amid changing global market conditions.