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. PHOTO BY Department of EnergyGlobal oil prices continued to sink over the weekend after US President Donald Trump made remarks related to calling off a “massive attack” on Iran.