Rare oil price cuts seen next week
MANILA, Philippines — A rollback in diesel prices may finally come next week, the first in over three months or since Dec. 30, 2025.
After five rounds of double-digit hikes spurred by the Middle East crisis, diesel prices are estimated to drop by P2.50 to P3.50 per liter next week, an industry source told The STAR.
Gasoline prices, meanwhile, may either remain unchanged or see a rollback of P1 per liter.
The estimated movements in domestic prices were based on the first three days of trading in the Mean of Platts Singapore (MOPS). With two trading days remaining, fuel prices could still rise or fall.
“MOPS prices and premiums have softened due to the ceasefire deal in the Middle East. However, modest rebounds are seen based on (yesterday’s) projections,” the source said.
US President Donald Trump agreed to a two-week conditional ceasefire with Iran that would reopen the Strait of Hormuz, a critical maritime chokepoint that typically carries about 20 percent of the world’s energy supplies.
According to industry experts, the temporary truce is unlikely to ease domestic pump prices, which are expected to stay elevated amid extensive damage to energy infrastructure.
Since the war erupted in late February, kerosene and premium diesel prices have climbed to as high as P170 per liter, while gasoline is nearing the P120-per-liter mark.
The Philippines recorded the world’s second-highest gasoline price hike and the third-highest for diesel, data from Global Petrol Prices from Feb. 23 to March 30 showed.
“I think the problem will stay longer than the war itself. If it ever goes back to P100 (per liter) or below, it will take some time. We don’t have visibility where this will go,” Energy Secretary Sharon Garin told lawmakers on Wednesday.
Oil pilferage
Philippine National Police chief Gen. Jose Melencio Nartatez Jr. has ordered a probe into the possible link between illegal fuel operations worth millions of pesos in San Pablo, Laguna and Navotas.
Nartatez said yesterday the oil pilferage or paihi in Laguna may provide crucial leads on whether small-scale illegal activities related to petroleum products are tied to a wider network.
“We are currently cross-matching the profiles of the suspects arrested in Laguna with our database of previous paihi operators in Navotas and nearby provinces,” Nartatez said in a statement.
Six people were arrested for hoarding and illegal sale of fuel worth P3.51 million in a resort in Barangay San Antonio I in San Pablo on Wednesday morning.
Nartatez identified the suspects as Martin delos Reyes, Enrico Castro, Ric Jayson Pentinio, Marie dela Cruz, Jerry dela Cruz and Jomarie Villamor. Seized from them were an oil gas tanker which contained 500 liters of petroleum, containers, steel drums and a pressure hose.
“So far, there are initial findings that the incident is localized but our intelligence monitoring continues to determine if there is a wider network behind these operations,” he said.
On Tuesday, nine persons were caught while 65,000 liters of diesel valued at P9.75 million were seized at the Navotas Fish Port complex in Barangay North Bay Boulevard South.
Nartatez said they are targeting schemes wherein recycled fuel are being redistributed through informal channels for profit while the country is experiencing an energy crisis due to the armed conflict in the Middle East.
He said investigators are checking if the two groups were getting recycled fuel from just one source. “If this is linked to organized oil pilferage groups, we will pursue them aggressively,” Nartatez said. – Emmanuel Tupas
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