Diesel rollback of P3.40, P1.00 for gasoline expected next week

After more than a month of mega pump price hikes triggered by the Middle East conflict, motorists may expect a slight sigh of relief in the coming week amid the two-week ceasefire agreed upon by the United States and Iran.

“MOPS (Mean of Platts Singapore) prices and premiums have softened due to the ceasefire deal in the Middle East,” according to an oil industry source.

Based on the MOPS trading in the first three days of the week, the estimated reductions in pump prices are as follows:

• Diesel - P2.50 to P3.40 per liter
• Gasoline - P1.00 per liter

Projections may change depending on the results of trading until Friday, April 10, 2026.

“However, modest rebounds are seen based on today’s projections,” according to the industry source.

US President Donald Trump agreed to a ceasefire with Iran less than two hours before his deadline for Tehran to reopen the Strait of Hormuz or face attacks on its civilian infrastructure.

Trump said the last-minute deal was subject to Iran’s agreement to pause its blockade of oil and gas supplies through the strait which handles around a fifth of global supplies.

For his part, Iran’s foreign minister Abbas Araqchi said the country would stop counterattacks and allow safe passage.

President Ferdinand ''Bongbong'' Marcos Jr. said on Wednesday that the Philippines will take advantage of the two-week ceasefire between the United States and Iran to secure as much as possible the country's petroleum supply.

''So we will take full advantage of the two weeks to increase our supply as much as possible and to continue to make whatever arrangements are possible. We are all hoping and praying that the two-week ceasefire will extend further if the talks go well,'' Marcos said. —VAL, GMA News