Following renewed optimism for a peace deal to end the ongoing war in the Middle East, the price of oil in the international market has gone down significantly. As of this week, the Department of Energy continues to dictate calculated price adjustments to the country’s oil firms.
For the period of August 11 to 17, 2026, the price of diesel will go down by P4.30 per liter, while gasoline prices will decrease by P4.70 per liter. Finally, kerosene will also have a price rollback of P4.88 per liter.
Iran’s imminent deal with Oman to redefine shipping lanes and reopen the Strait of Hormuz is a reason for the market’s optimism, but the Islamic Republic has reiterated that the United States must first meet its demands. These conditions include financial compensation, lifting of sanctions, and cessation of military threats.
OTHER STORIES YOU MIGHT HAVE MISSED:
The new Gensan Underpass in General Santos City has finally opened after a five-year delay
Toyota celebrates 38th anniversary in PH, eyes hitting 3-M cumulative sales later this year
Later this week, August 15, the fuel subsidy increase for jeepney and UV express drivers and operators will also take effect. Though still capped at 150 liters of fuel per week, the discount has been increased from P10 to P12 per liter. This amounts to a total potential savings of P1,800 every week when maximizing the subsidy. The DOE has claimed that almost 93,000 drivers have benefited from this program, and a total of P403,354,438.35 in benefits has been disbursed.
While this week’s rollbacks will be welcomed by motorists, these will not be enough to undo the major hikes diesel has seen since the renewal of conflict in the Middle East. Since July 14, diesel has shot up by almost P20; gas has also gone up by almost P11.
