Motorists across the Philippines are set for major relief as a record diesel price cut takes effect tomorrow. President Ferdinand Marcos Jr. announced on April 17 that diesel will drop by P24.94 per liter, gasoline by P3.41 per liter, and kerosene by P2 per liter starting at 6 a.m. on April 21.
This rollback closely matches earlier industry estimates of up to P26.50 per liter for diesel, building on the prior P23 per liter reduction on April 14. The declines stem from falling Mean of Platts Singapore benchmarks after the U.S.-Iran ceasefire eased Strait of Hormuz tensions, with Brent crude dropping sharply to around $95 per barrel.
Relief Amid Lingering Highs
Prices had spiked to P170.10 per liter for diesel in Metro Manila by mid-April due to the Middle East conflict. Lawmakers call for subsidies and tax breaks alongside these market-driven cuts, as levels remain above pre-crisis norms.
Oil firms, including Shell and Petron, confirmed the adjustments today, with no changes reported as of April 20. The Department of Energy monitors compliance to ensure full nationwide rollout.
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