Motorists in the Philippines could see a welcome, though modest, reduction in fuel costs next week, with diesel prices potentially falling by up to ₱3.50 per liter. This anticipated rollback follows a recent ceasefire agreement between the United States and Iran, which has helped ease global oil market tensions.
An industry source indicated that diesel prices are projected to drop between ₱2.50 and ₱3.50 per liter. Gasoline prices, meanwhile, are expected to remain steady or see a decrease of up to ₱1 per liter.
"The projections could still change with two more remaining trading sessions," the source noted, basing the initial estimates on the first three days' average of the Mean of Platts Singapore benchmark.
While any price reduction would provide some relief, it represents only a small adjustment from current elevated levels, where diesel has recently reached as high as ₱170 per liter. The source also cautioned that modest price rebounds are possible based on the latest market projections.
Fuel retailers in the country typically announce their weekly price adjustments every Monday, with changes taking effect the following day.