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Manila Bulletin devider Business devider The Economy devider Diesel, gasoline prices head for rollback next week

Diesel, gasoline prices head for rollback next week

Published Aug 28, 2026 10:10 am  |  Updated Aug 28, 2026 01:24 pm
Motorists are set to get early relief at the pumps this September as local oil companies prepare to roll back fuel prices.
Projections derived from the four-day trading average of the Mean of Platts Singapore indicate diesel prices could fall by ₱3.5 to ₱4 per liter. Gasoline prices are expected to ease by a more modest ₱0.25 to ₱0.75 per liter.
The Department of Energy is scheduled to issue the final weekly price adjustments on Monday, Aug. 31, before oil firms apply the changes at the pump.
A rollback next week looks likely as fears of supply disruptions cooled down over the past week, according to a market expert.
“Prices declined this week as threatened United States (US) sanctions fell short of market expectations, with economic pressure viewed as a lower-risk path for physical supply than military escalation,” the source said. “This reduced the oil market’s anxiety and eased immediate supply concerns.”
Markets are also responding to potential diplomatic progress, with renewed peace talks offering hope for the reopening of the Strait of Hormuz, a vital shipping chokepoint. According to the analyst, Iran recently resumed peace negotiations with Oman, though physical supplies may still remain constrained.
“With the recent rebound in world oil prices following reports that the US is not interested in returning to the ceasefire deal terms with Iran, the potential rollback on local pump prices next week could be capped, with the risk of pushing to the lower limits of the initial estimated range.”
Higher export quotas from China, alongside increased shipments from the US and India, helped soften regional shortages and keep fuel supplies steady.
“Increasing regional inventories as supply from China and India continues to rise have also pressured product prices this week,” the source added.
Meanwhile, the US is advancing negotiations with Venezuela to secure long-term controlling stakes or leases in over a dozen oil fields, aiming to boost US strategic energy reserves and secure Western Hemisphere supply.

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