Motorists can expect significant fuel price reductions starting Tuesday, November 10, with gasoline prices set to drop by as much as P16.80 per liter, according to the Department of Energy (DOE).
Based on the DOE's latest fuel price adjustment advisory for November 10 to 16, gasoline products, including RON 97, RON 95, and RON 91, will have a minimum price decrease of P16.80 per liter.
Diesel and diesel plus prices will also go down by P4.10 per liter, while kerosene will see a P3.70 per-liter reduction.
Energy Secretary Sharon Garin attributed the significant rollback to declining crude oil prices in the global market amid easing tensions in the Middle East.
The DOE's Oil Industry Management Bureau earlier cited developments that could contribute to lower oil prices, including the possibility of an end to the conflict between the United States and Iran following the results of the US Midterm Elections.
Meanwhile, the agency assured the public that the country's fuel inventory remains more than sufficient to meet domestic demand.
As of November 6, the Philippines had an estimated 51-day supply of gasoline, 53 days of diesel, and 143 days of kerosene.
The country also had a 55-day supply of jet fuel and fuel oil, while liquefied petroleum gas (LPG) stocks were estimated to last for 29 days.
The latest price adjustments will take effect at 12:01 a.m. on Tuesday, November 10, subject to the implementation schedules of individual oil companies.
