Return to pre-war pump prices may take a year (opens original article in a new tab)

The Philippine Department of Energy estimates that returning to pre-war gasoline pump prices may take 6-12 months due to disrupted supply chains, while recent fuel price cuts were announced following a US-Iran peace deal that caused global crude prices to drop.

• DOE Undersecretary says pre-war pump prices may take 6-12 months to return
• Fuel prices see major declines today with diesel price cuts of P3.71 to P5.71 per liter
• Global crude prices fell over 4% after US-Iran peace deal
• Philippines relies on Strait of Hormuz for nearly all energy needs
• IEA warns of potential 'red zone' in oil markets if Hormuz remains closed