Motorists may see relief at the pumps next week after more than a month of steep price hikes triggered by Middle East tensions.
As per GMA News report, industry sources said Mean of Platts Singapore (MOPS) prices have softened following the two-week ceasefire agreement between the United States and Iran. Based on trading in the first three days of the week, estimated reductions are:
Diesel: ₱2.50–₱3.40 per liter
Gasoline: ₱1.00 per liter
Final adjustments will depend on trading results until Friday, April 10, 2026.
The ceasefire deal was struck less than two hours before Washington’s deadline for Tehran to reopen the Strait of Hormuz, a critical passage for about 20% of global oil and gas supplies. US President Donald Trump said Iran agreed to pause its blockade, while Iranian Foreign Minister Abbas Araqchi confirmed safe passage would be allowed.
Philippine President Ferdinand “Bongbong” Marcos Jr. welcomed the development, saying the country will maximize the two-week window to secure petroleum supply. “We will take full advantage of the two weeks to increase our supply as much as possible… We are all hoping and praying that the ceasefire will extend further if the talks go well,” Marcos said.#
