Philippines Cuts Fuel Prices as Saudi Arabia Boosts Exports
The Philippines will lower fuel prices starting September 29 following a recovery in global oil shipments and a decision by Saudi Arabia to increase crude exports.
Fuel prices in the Philippines will decrease starting September 29, ending a three-week period of price hikes. The Department of Energy announced rollbacks of P7.57 per liter for diesel, P5.85 per liter for kerosene, and P0.24 per liter for gasoline, effective through October 5.
These adjustments follow a period of sharp increases caused by geopolitical tensions between the United States, Israel, and Iran, which disrupted shipments through the Strait of Hormuz. Prices eased after Saudi Arabia announced the resumption of 40% of its oil export operations and increased crude exports to calm the global market.
To provide further relief, President Ferdinand Marcos Jr. ordered the full suspension of excise taxes on liquefied petroleum gas and kerosene on September 25 for up to three months. This move follows transport strikes and public utility vehicle fare increases on September 28.
While the Philippines sees price drops, motorists in Italy face increases starting September 26. A government decree halved the excise duty discount on diesel from 12.2 cents to 6.1 cents per liter. In response to supply concerns, Italian ministers Adolfo Urso and Gilberto Pichetto scheduled a summit for October 8 with refining and production companies to discuss increasing domestic output.
