MANILA — Filipino motorists could see significant fuel savings next week, with diesel prices projected to drop by as much as ₱8 per liter amid improving global oil supply conditions.
According to an industry source, diesel may decline by ₱6.50 to ₱8.50 per liter, while gasoline could see a reduction ranging from ₱2.50 to ₱4.50 per liter, based on early Mean of Platts Singapore trading data.
The expected rollback follows developments linked to the reopening of the Strait of Hormuz after a peace agreement, which analysts say could help stabilize global oil flows.
Additional price easing may be possible once the agreement is officially signed in Switzerland and more trading days are reflected in domestic pricing computations.
Energy Secretary Sharon Garin said the government welcomes the positive direction in global tensions but emphasized continued vigilance over possible market volatility.
She added that any disruption in the Strait of Hormuz has wide-ranging effects, influencing fuel prices, power rates, and overall household costs in the country.
Recent fuel adjustments already brought some relief, with diesel prices cut by ₱3.71 to ₱5.71 per liter and kerosene by ₱0.50 to ₱2.50 per liter, while gasoline prices saw a modest decline by ₱0.32 per liter, although select stations still recorded increases.
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