Philippine Fuel Prices to Drop Starting April 14

In Manila, Philippines, fuel prices are set to decrease significantly starting Tuesday, April 14, providing relief to consumers after weeks of sharp increases triggered by the Middle East conflict. Diesel, which has powered trucks and public utility vehicles, is projected to drop by up to 20.89 pesos per liter, while gasoline for private cars and motorcycles could fall by 4.43 pesos per liter and kerosene by 8.50 pesos per liter, according to announcements from government officials.

The rollback follows a fragile ceasefire in the ongoing war that began on February 28, when tensions escalated after Iran restricted access to the Straits of Hormuz, a critical global oil route. This disruption led to a national emergency declaration in the Philippines, the first among affected nations, with diesel prices surging as much as 177 percent from pre-conflict levels, reaching up to 185 pesos per liter in some regions outside Metro Manila. Gasoline prices also rose by 54 to 72 percent during the same period. The projected decreases are based on the average of recent international benchmarks, including the Mean of Platts Singapore, compared to the prior week, as explained by Energy...