Graphics by Jayson Igarta

Fuel prices will go down starting, Tuesday, September 29, after three straight weeks of increases, as announced by the Department of Energy (DOE).

DOE Secretary Sharon Garin announced on Monday, September 28, that gasoline will have a small rollback of P0.24 per liter, while diesel will drop by P7.57 per liter and kerosene by P5.85 per liter, with the new prices to be in effect from September 29 to October 5.

The rollback came after an increase last week, when gasoline rose by P4.88, diesel by P8.82, and kerosene by P6.47 per liter.

According to DOE, the rollback is due to improved oil prices after renewed hopes for talks between the US and Iran during the United Nations General Assembly meeting. However, the agency warned that the situation remains unstable.

The Strait of Hormuz, a key oil route between Iran and Oman, still has lower shipping traffic than normal, while attacks by Yemen’s Houthi group continue to affect Saudi energy facilities and Red Sea shipping.

The price cut also comes after President Ferdinand Marcos Jr. ordered the suspension of excise taxes on liquefied petroleum gas (LPG) and kerosene on Friday, September 25.

The suspension does not include gasoline or diesel and may last for up to three months.

Even with the rollback, current pump prices are still higher than before the conflict involving Iran and US-Israeli forces that started on February 28.

Article by Aldred Superales