Motorists could be in for another round of relief as the reopening of the Strait of Hormuz under a peace deal is expected to drive diesel prices down by over P8 per liter.

Motorists are set to face another round of fuel price increases next week.

Motorists can expect some holiday relief at the pump this week, with diesel prices set to drop by at least P1 per liter ahead of Christmas.

With diesel price increases surging past P5 per liter amid the conflict in the Middle East, major oil firms are set to stagger this week’s scheduled fuel price hikes to soften the blow on consumers.

Following a recent rollback, motorists can expect fuel prices to increase in the second week of the year.

Following mixed adjustments last week, oil companies are set to lower pump prices of petroleum products by as much as P0.85 per liter today.