Motorists in the Philippines could see the largest single-week reduction in diesel prices in recent memory, with industry estimates pointing to a potential cut of up to P26.50 per liter starting April 21.
According to an industry source citing data from the Mean of Platts Singapore benchmark and current foreign exchange rates, diesel prices are projected to fall between P24.50 and P26.50 per liter. If implemented, this would bring the price of diesel in Metro Manila below P120 per liter, offering significant relief from recent high fuel costs.
"Based on the full average of trading in the Mean of Platts Singapore as well as foreign exchange rates, diesel prices could decrease by P24.50 to P26.50 per liter on April 21," the source stated on Saturday.
Gasoline prices are also expected to decline, though more modestly, with estimates showing a reduction of P2.50 to P3.50 per liter.
The improved price projections come amid rising hopes for de-escalation in the Middle East, where anticipated diplomatic talks between the United States, Israel, and Iran have eased concerns over potential supply disruptions.
Fuel retailers are scheduled to announce their official price adjustments on Monday, with the new rates taking effect on Tuesday, April 21.