Philippines Cuts Fuel Prices as U.S. Tensions With Iran Ease

The Department of Energy announced significant fuel price rollbacks effective November 10, 2026, with gasoline prices expected to drop by P16.80 per liter. Diesel and kerosene prices will decrease by P4.10 and P3.70 per liter, respectively. These reductions follow a period of mixed adjustments, including a P3.50 increase in gasoline the previous week.

The price cuts stem from easing global oil prices, which were driven by reduced concerns over U.S. military strikes on Iran. This shift in market sentiment follows Democratic gains in the U.S. midterm elections, which increased legislative opposition to military action in the Middle East.

President Donald Trump stated that future attacks on Iran are unlikely provided negotiations progress regarding Tehran's nuclear program and the reopening of the Strait of Hormuz.