Although the situation in the Middle East remains tense, spots of optimism have brought down the price of crude. These come in the form of Iran expressing willingness to negotiate terms on the Strait of Hormuz’s reopening, as well as Saudi Arabia restoring its East-West oil pipeline.
For the period of September 29 to October 5, 2026, the price of diesel will go down by P7.57 per liter, while gasoline prices will decrease by P0.24 per liter. Finally, kerosene will also see a price decrease of P5.85 per liter.
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The extended nature of the oil crisis has led transport groups to continue calling for more action from the government. Today, September 28, the DOTr and LTFRB lifted the suspension on fare adjustments, addressing concerns of public transport becoming unsustainable due to rising operational costs.
Transport groups Manibela and Piston are also pushing through with their planned rallies this week. The demonstrations continue to call for the removal of value-added and excise taxes on gasoline and diesel. President Marcos Jr. received powers to cancel these taxes towards the start of the crisis. The Department of Finance, however, has advised against this measure given the billions of pesos in revenue to be lost if fuel taxes were to be suspended.
Since the start of September, gas prices have risen by over P15 per liter, while diesel has risen by over P18 per liter.
