Expect P16.80/liter gas price cut today

An attendant puts a fuel pump handle back in its cradle at a gas station in Paco, Manila, in this file photo from January this year.

Edd Gumban

MANILA, Philippines — Motorists are in for some relief as major pump price rollbacks take effect across the board today, with gasoline prices dropping by at least P16.80 per liter.

Diesel and kerosene prices will also see substantial reductions, with minimum rollbacks of P4.10 and P3.70 per liter, respectively.

Energy Secretary Sharon Garin attributed the steep price cuts to declining global crude oil prices amid easing tensions between the United States and Iran.

The rollback also reflects market reactions to the US midterm elections, where sweeping Democratic party victories against President Donald Trump’s Republican Party eased fears of a further escalation of the Iran war.

“What’s happening in other countries likely affects international fuel prices and hence, petroleum prices here in the Philippines are affected,” Garin told a media briefing yesterday.

She, however, said it could take time before domestic pump prices return to pre-war levels, noting the peso’s depreciation against the dollar is adding upward pressure on fuel costs.

As a net oil importer, the Philippines remains vulnerable to fluctuations in global oil prices, particularly amid persistent geopolitical uncertainties.

Energy Undersecretary Alessandro Sales, meanwhile, said state-run Philippine National Oil Co. remains committed to its plan to build fuel storage facilities with a combined capacity of up to one million barrels.

The first storage tank with a capacity of 180,000 barrels is targeted for completion before the end of 2027.