Following the Democratic Party’s sweeping victory in the United States midterm elections last week, global oil prices have plunged. For the first time since September, oil has fallen below $100 per barrel. In turn, prices at the pump are falling significantly.
For the period of November 10 to 16, 2026, the price of diesel will go down by P4.10 per liter, while gasoline prices will decrease by P16.80 per liter. Finally, kerosene will also have a price decrease of P3.70 per liter.
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These price movements are still dictated by the Department of Energy, despite oil already falling below the $100 per barrel threshold. The agency also reiterates that the adjustment should be applied in full and not in tranches, as was done for significant price hikes in the past few months.
The major oil price slump reflects optimism that the United States could soon seek an exit from the conflict in Iran. With the Democratic Party now controlling the House and the Senate, investors are betting on Trump holding off on further escalation in Iran to bring down pump prices.
Additionally, industry observers see signs of a supply surplus, despite the Middle East’s oil output remaining limited. Major global powers continuing to release fuel exports to support global supply, in tandem with an overall slowing global demand for oil, have contributed to this week’s drop.
