Motorists in the Philippines are bracing for a significant financial reprieve as diesel prices are projected to plummet by double digits for the second consecutive week. Following a period of intense volatility, industry estimates based on the Mean of Platts Singapore (MOPS) suggest a price reduction of ₱17 to ₱19 per liter for diesel, while gasoline could see a modest dip of up to ₱3 per liter.
This downward trend is largely attributed to the sustained ceasefire in the Middle East, which has allowed global markets to shed the “war premiums” that previously inflated costs. Even as tensions simmer regarding potential maritime blockades in the Strait of Hormuz, the energy market remains optimistic.
To further cushion the impact of the recent energy shock, the Department of Finance has formalized the three-month excise tax suspension on LPG and kerosene. Under the new guidelines, while taxes are currently at zero, the BIR and BOC will maintain rigorous oversight and inventory checks to ensure the relief reaches consumers directly.
ia/xf
