MOTORISTS may finally see a reprieve from the relentless surge in fuel prices as a two-week ceasefire agreement between the United States and Iran is projected to bring about a slight reduction in pump prices in the coming week.
This development comes after more than a month of significant price hikes, largely attributed to the conflict in the Middle East. An oil industry source indicated that the Mean of Platts Singapore (MOPS) prices and associated premiums have softened following the ceasefire deal, paving the way for potential price rollbacks.
Based on MOPS trading data from the first three days of the week, projections suggest a decrease in pump prices ranging from P2.50 to P3.40 per liter for diesel, and approximately P1.00 per liter for gasoline. While these figures offer a glimmer of hope, the source cautioned that these projections are subject to change depending on trading results until Friday, April 10, 2026. Current projections also indicate modest rebounds, suggesting a potentially volatile market even with the ceasefire in place.
The ceasefire, brokered less than two hours before a US-imposed deadline, saw President Donald Trump agreeing to a pause in hostilities with Iran.
This last-minute deal was contingent on Iran ceasing its blockade of oil and gas supplies through the Strait of Hormuz, a critical waterway that handles approximately a fifth of global energy supplies. Iran’s Foreign Minister Abbas Araqchi confirmed that the country would halt counterattacks and ensure safe passage, a move that has been welcomed by nations reliant on stable energy markets.
In response to this development, President Ferdinand “Bongbong” Marcos Jr. announced that the Philippines intends to leverage the two-week ceasefire to bolster the country’s petroleum supply. “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,” President Marcos stated. He expressed hope that the ceasefire would be extended if ongoing talks progress favorably, underscoring the nation’s commitment to securing its energy needs amidst global uncertainties.
