A gas attendant fills up a vehicle with fuel in Manila, May 9, 2017. Jonathan Cellona, ABS-CBN News/File
MANILA — Oil prices are set to fall on Sept. 29, the Department of Energy (DOE) said Monday.
The agency said oil prices were dropping by the following amounts on Tuesday.
Diesel - P7.57/L decrease
Gasoline - P0.24/L decrease
Kerosene - P5.85/L decrease
From September 8 to 28, diesel prices have gone up by more than P18/L. Gasoline prices, meanwhile, have gone up by more than P15/L during the same period because of the US-Israeli war on Iran.
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US President Donald Trump said Sunday that he expects talks with Iran to resume in the coming week, despite his rejection of a truce proposal put forward by Tehran.
Iranian officials brought with them to the UN General Assembly in New York a plan for a seven-day truce followed by the reopening of the Strait of Hormuz shipping channel.
Trump dismissed the plan and has mused on resuming full-scale air strikes on Iranian targets, but he told the news platform Axios that he expects negotiations to resume.
"They want to make a deal, but it is not the deal that I want to make," Trump told Axios. "It is what we would have maybe agreed to a year ago."
"They overplayed their hand," Trump said, in the interview published Sunday.
Iran proposes Hormuz plan, Trump refuses
On Sunday, Iran was still standing by its conditions for reopening the Strait of Hormuz, leaving the Gulf front of the Middle East war locked in a stalemate, while fighting rages in Yemen.
Iran stands firm on Hormuz plan after US rejection
Hormuz is a key chokepoint for the world's energy supplies and is now central to the conflict between Washington and Tehran, which was started nearly seven months ago when the US and Israel launched a wave of strikes against Iran.
Iran's plan called for a cessation of all hostilities in the Middle East, including in Lebanon, according to Foreign Minister Abbas Araghchi, and a return to the conditions in an earlier ceasefire deal that fell apart.
That agreement, which collapsed during fighting over Hormuz, called for the release of frozen Iranian assets, the lifting of sanctions on Iranian oil and an end to the US naval blockade.
Washington's ambassador to the UN, Mike Waltz, accused Tehran of demanding too much in exchange for a return to the negotiating table.
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— With a report from Agence France-Presse