Philippines Announces Fuel Price Rollbacks Amid Transport Strike Threats

Energy Secretary Sharon Garin announced on August 3 that fuel prices in the Philippines will decrease starting Tuesday, August 4. Gasoline prices will drop by P0.73 per liter, diesel by P0.60 per liter, and kerosene by P2.09 per liter. This rollback follows two weeks of significant price increases caused by geopolitical instability in the Middle East, specifically drone strikes on Russian refineries and Houthi attacks in the Red Sea. Despite the decrease in liquid fuels, liquefied petroleum gas prices rose by P3.67 per kilogram.

The price volatility prompted the Land Transportation Franchising and Regulatory Board to meet with seven transport groups to review petitions for fare increases. Mar Valbuena, chairperson of the transport group Manibela, stated that a provisional fare increase remains unresolved while awaiting a decision from Malacañang. In response to the continued financial pressure on drivers, Manibela announced a transport strike scheduled from August 10 to 12.