MANILA, Philippines — President Ferdinand Marcos Jr. on Saturday announced another rollback in fuel prices set to take effect on Tuesday following weeks of consecutive increases.
In a video statement, Marcos said that diesel was expected to drop by at least P24.94 per liter, gasoline by P3.41 per liter, and kerosene by P2 per liter.
The rollback was attributed to the reaction of the global market to the de-escalation of the war in the Middle East as the ceasefire between US and Iran continues to hold, local oil industry sources said on Saturday.
This will be the 2nd consecutive week of the fuel price rollback.
Local oil companies implemented roll backs this week, as diesel prices decreased between P2.70 and P23 per liter and gasoline by as much as P6.50 per liter.
