MANILA, Philippines — Diesel prices are expected to fall by P8 to P10 per liter next week, potentially bringing the fuel cost closer to P100 per liter after months of double-digit hikes triggered by the Iran war that started on Feb. 28.
An industry source told the Inquirer that the rollback on April 28 would mark the third consecutive week of significant price cuts, following reductions of P24.94 this week and P20.90 on April 14. The anticipated drop could bring regular diesel in Metro Manila down to as low as P101.76 per liter and premium diesel to P136.76 per liter, still far from the prewar range of P48–P73.61.
Global oil prices have eased following ceasefire talks between the US and Iran, and between Israel and Lebanon, but the situation at the Strait of Hormuz—a chokepoint for a fifth of the world's oil supply—remains precarious. The industry source warned that renewed geopolitical tensions could reverse the downward trend.
Gasoline prices, meanwhile, are projected to inch up by only P1 per liter on Tuesday or stay flat, based on the Mean of Platts Singapore (MOPS) benchmark and foreign exchange rate averages. The estimates may still change after Friday's trading session.
Energy Secretary Sharon Garin said the government is actively seeking petroleum supply agreements with other countries. The Department of Energy has secured a commitment from Malaysia to help boost the Philippines' stockpile, and Garin met with Argentine Ambassador Luis Bocalandro to discuss energy cooperation.