Following last week's rollbacks, diesel prices are forecast to drop another P17 to P19 per liter and gasoline P2 to P3 per liter starting April 21, potentially taking diesel below P130, as Middle East tensions ease further with a holding ceasefire.
The ongoing unwind of the war premium on global oil prices continues amid stabilizing Middle East tensions, including a 10-day ceasefire between Israel and Lebanon that remains in effect. US President Donald Trump announced expectations of a deal with Iran soon, brokered by Pakistan.
This comes after oil firms implemented rollbacks effective April 14—diesel down P20.89, gasoline P4.43 to P4.50, and kerosene P8.50 per liter—bringing Metro Manila diesel to around P147 and gasoline to P116 per liter, according to the latest Department of Energy data.
An industry source projected the next adjustments, based on four trading days in the Mean of Platts Singapore, to take effect April 21.
Energy Secretary Sharon Garin cautioned that pump prices won't soon return to pre-crisis lows like P60 or P50 per liter, citing Middle East energy infrastructure damage. “I don’t want to be a downer, but we owe it to the public to be realistic,” she said on The STAR’s “Truth on the Line.”
President Marcos' Executive Order 114, suspending excise taxes on LPG and kerosene for three months, continues to provide relief, cutting LPG by P3.36 per kilo (about P37 per tank) and kerosene by P5.65 per liter.
