Fuel rollback may hit P11/L for diesel, P6/L for gas next week — industry source

Industry insiders remained upbeat Saturday about the easing of fuel prices next week, with one source providing figures indicating that the rollback for diesel and gasoline may surpass the higher end of government projections.

In a message to GMA News, the industry source said the forecast ranges of the upcoming fuel price adjustments are as follows:

• Diesel: P9 to P11 per liter decrease
• Gasoline: P4 to P6 per liter decrease

The Department of Energy (DOE) had placed more conservative rollback estimates of P8 to P10 per liter for diesel, and P4 to P5 for gasoline amid stabilizing relations between the United States and Iran. The Energy Department likewise expected kerosene prices to go down by P9 to P11 per liter.

A second industry source, meanwhile, provided GMA News on Saturday with estimates that fell within the DOE's forecast. These are:

• Diesel: P8.85 to P9.90 per liter decrease
• Gasoline: P4.03 to P4.88 per liter decrease

While the lower pump prices should give motorists much needed relief, these still had a long way to go before reaching rates before the fighting between Iran and US-Israeli forces erupted on February 28.

The DOE noted Friday that pump prices are currently at the P70 to P80 per liter range, but were just at about P50 to P60 per liter ahead of the Middle East conflict.

US President Donald Trump and Iran President Masoud Pezeshkian have signed a memorandum of understanding seeking to end the Middle East conflict.

However, concerns persist over whether a permanent ceasefire will take hold.

US envoy Steve Witkoff and Iranian Foreign Minister Abbas Araqchi, however, were both reportedly headed to Switzerland for talks as a ceasefire in Lebanon appeared to revive efforts to turn an interim Iran war pact into a lasting regional deal, a Reuters report said Saturday. — VDV, GMA News