Fuel prices in the Philippines set for rollback on September 1

Domestic fuel prices in the Philippines are set for a rollback effective September 1, marking the first price decrease after two consecutive weeks of hikes. The reductions are most significant for diesel and kerosene, while gasoline will see much smaller adjustments.

Major oil firms have announced varying cuts. Seaoil is reducing gasoline by P0.32, diesel by P3.83, and kerosene by P3.84 per liter. Jetti Petroleum is slashing gasoline by P0.40 and diesel by P3.90. Petron Corporation is implementing cuts of P0.30 for gasoline and P3.80 for both diesel and kerosene. Shell has also confirmed a rollback of P0.30 for gasoline and P3.80 for diesel and kerosene.

Industry analysts attribute the downward trend to international market developments, including reduced anxiety over US sanctions and potential mediation efforts to reopen the Strait of Hormuz. Despite this relief, year-to-date net adjustments remain high, with net increases of P54.92 for gasoline, P59.06 for diesel, and P51.65 for kerosene since the start of the year.