Filipino motorists could see a major fuel price rollback next week, with the Department of Energy (DOE) projecting a reduction of as much as ₱14 per liter for gasoline, while diesel and kerosene could each decrease by approximately ₱5 per liter.
The DOE said Friday, Nov. 6, that the preliminary estimates are based on four days of trading under the Mean of Platts Singapore, a benchmark used to determine fuel prices in the Philippines.
DOE Oil Industry Management Bureau Director Rino Abad said the projected rollback reflects market expectations that the United States could move toward resolving its conflict with Iran following the Nov. 3 midterm elections.
Democrats secured control of both chambers of the U.S. Congress in the midterm elections, giving the party greater power to scrutinize the Trump administration, influence federal spending and shape future debates over the conflict with Iran once the new Congress takes office.
Global oil prices fell sharply on Nov. 4, with U.S. West Texas Intermediate crude dropping more than 8% as investors assessed whether the election results could increase pressure for negotiations to end the conflict with Iran. The possibility of a diplomatic settlement remains uncertain.
Iran’s restrictions on shipping through the Strait of Hormuz, a major route for energy exports from the Persian Gulf, have disrupted global oil supplies and contributed to higher petroleum prices. The resulting increases have placed additional pressure on fuel-dependent economies, including the Philippines.
Abad cautioned that lower prices would only be sustainable if global oil supplies recover.
“Kailangan masundan ‘yan ng actual recovery in the physical oil supply,” he said, warning that renewed supply disruptions could trigger another round of price volatility.
If implemented, the projected rollback would provide relief to motorists and transport operators facing elevated fuel costs. Lower petroleum prices could also ease transportation and delivery expenses, although any impact on consumer goods would depend on how long the reductions last.
Oil companies are expected to announce their final weekly fuel price adjustments on Monday, Nov. 9, with the new pump prices typically taking effect Tuesday, Nov. 10. The projected reductions remain subject to the final trading results and individual oil company announcements.
