Following over a month of rising petroleum prices due to Middle East tensions, Filipino motorists may see relief next week as a two-week ceasefire between the US and Iran takes effect.
After more than a month of continuous petroleum price hikes caused by conflicts in the Middle East, Filipino drivers can anticipate some relief next week due to a two-week ceasefire agreement between the United States and Iran. An oil industry source noted that Mean of Platts Singapore (MOPS) prices and premiums have eased because of this ceasefire deal. Based on MOPS trading data from the first three days of the week, estimated petroleum price decreases are: diesel by ₱2.50 to ₱3.40 per liter and gasoline by ₱1.00 per liter. These estimates may change depending on trading results through Friday, April 10, 2026. However, modest upward price adjustments are possible based on current projections. US President Donald Trump agreed to the ceasefire with Iran shortly before his ultimatum for Tehran to reopen the Strait of Hormuz or face attacks on civilian infrastructure. Trump emphasized that the agreement depends on Iran halting the blockade of oil and gas supplies in the strait, which affects about one-fifth of the global supply. Iran’s Foreign Minister Abbas Araqchi stated the country will stop counter-attacks and allow safe passage for ships. Philippine President Ferdinand “Bongbong” Marcos Jr. said the country will take full advantage of the ceasefire period to secure its petroleum supply as much as possible and make necessary arrangements. He also expressed hope that the ceasefire will be extended if further talks go well.
Sources referenced:
- https://www.gmanetwork.com/news/balitambayan/balita/983244/pagbaba-ng-presyo-ng-diesel-ng-p3-40-gasolina-ng-p1-00-aasahan-sa-susunod-na-linggo/story/
