DOE ANNOUNCES BIG-TIME FUEL PRICE ROLLBACK OF UP TO P16.80 PER LITER

THE Department of Energy (DOE) ha announced a major rollback in the prices of petroleum products effective Nov. 10, 2026.

The DOE said gasoline prices decreased by P16.80 per liter, diesel by P4.10 per liter, and kerosene by P3.70 per liter.

It said the easing concerns over the US–Iran conflict drive down the international oil prices.

According to the DOE’s Oil Industry Management Bureau (OIMB), the substantial price reductions are primarily driven by growing expectations of a possible diplomatic resolution to the US–Iran conflict, which has eased fears of further disruptions to oil supplies from the Middle East.

Ongoing mediation efforts by Qatar, coupled with recent political developments in the United States, have strengthened market expectations of reduced military escalation.

The developments have lowered the geopolitical risk premium previously reflected in international oil prices, contributing to the sharp decline.

The DOE also said that the market sentiment has also improved amid expectations of more stable oil shipments through the Strait of Hormuz, a critical passage for global petroleum trade. Reduced tensions could allow greater oil exports from Gulf producers, lower shipping insurance and transportation costs, and improve crude oil availability for Asian refineries.

Energy Secretary Sharon S. Garin welcomed the substantial price reductions while emphasizing the need for continued vigilance amid uncertainties in the global oil market.

“This substantial rollback is a 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. We will continue to closely monitor fuel price adjustments and engage oil industry stakeholders to help ensure that Filipino families benefit from favorable developments in the global oil market,” Garin said.

Meanwhile, the DOE reported that the country maintained an estimated 50.33 days of total petroleum supply as of November 6, 2026, with gasoline and diesel inventories equivalent to 51.64 days and 53.95 days of supply, respectively.

The DOE said the current petroleum inventory levels provide enough supply buffer to support the country’s fuel requirements amid changing global market conditions.

The Department continues to coordinate with oil industry stakeholders to help maintain adequate petroleum supplies and support the uninterrupted distribution of fuel nationwide.