MANILA — Oil prices dipped on the third day of trading in the world market.
Based on the first three days of trading, oil prices have dropped by the following amounts:
- Diesel - P7.40/L decrease
Gasoline - P1.80/L decrease
Kerosene - P6.70/L decrease
Oil prices fell again as markets focused on the potential upside of renewed US-Iran diplomatic engagement.
Oil prices retreat as markets welcome US-Iran talks
Iran President Masoud Pezeshkian struck a defiant tone at the UN on Wednesday, where he spoke for the first time since Washington and Israel launched an all-out war on his country, vowing Tehran would never "bend at the knee."
Pezeshkian said Tehran would not allow the Strait of Hormuz to be used as leverage against his country. Iran has choked off the vital waterway since the start of the war, causing global energy prices to spike. An estimated 25 percent of the world's seaborne oil trade flows through the Strait.
Jetti Petroleum President Leo Bellas remains positive that there will still be a price slash in diesel, as well as gasoline, next week.
In the Philippines, fuel prices had already risen three times in as many weeks with diesel prices rising over P18/liter and kerosene by more than P15/liter from sept.8-22, 2026.