A lull in hostilities between Iran and the United States allowed market prices for oil to dip slightly over the past week. This effect was dampened by on-and-off strikes from both sides, but the week still closed with an overall net decrease for prices at the pump.
For the period of August 4, 2026, the price of diesel will go down by P0.60 per liter, while gasoline prices will decrease by P0.73 per liter. Finally, kerosene will also have a price decrease of P2.09 per liter.
Global oil prices continued to sink over the weekend after US President Donald Trump made remarks related to calling off a “massive attack” on Iran. He further stated that negotiations with Iran will resume roon; Iran has firmly denied that it is engaging in any form of talks with the US.
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Iran is, however, in talks with Oman to negotiate temporary safe passage through the Strait of Hormuz. This negotiation would see the creation of a sea lane “that is naturally temporary and based on which the safety of navigation through the Strait of Hormuz can be ensured,” according to Iran’s Foreign Ministry spokesperson Esmaeil Baghaei.
Last week also saw President Ferdinand Marcos Jr. deliver his fifth State of the Nation Address. His speech recapped the actions his administration took to address the oil crisis, particularly the declaration of the State of National Energy Emergency. He also touched on the removal of tarriffs on electrified vehicles to make these options more available.
Later on in the week, Marcos Jr. also signed an Executive Order to promote the manufacture and assembly of EVs in the Philippines. Though nothing has been formalized just yet, incentives would include tax breaks and govertnment subsidies for participating automakers. Shortly after this news broke, Mitsubishi was quick to reaffirm its commitment to producing HEVs in the country as early as 2028.
