A glimmer of hope appears on the horizon for consumers bracing against relentless fuel price increases. After weeks of escalating costs at the pump, a potential rollback is anticipated next week, fueled by a fragile two-week ceasefire between the United States and Iran.
Energy officials cautiously suggest the trend over the past few days points towards a price decrease, but emphasize the situation remains fluid. The final determination hinges on global market developments unfolding Friday evening, with official figures expected by Saturday after the week’s final trading session.
The possibility of unforeseen events disrupting the current trajectory remains a concern. Any sudden spike in global prices could swiftly alter the calculations, underscoring the delicate balance of factors influencing local fuel costs.
To bolster domestic supply, significant procurement efforts are already underway. The Philippine National Oil Company has secured 165 million liters of oil – equivalent to 1.042 million barrels – from Malaysia, Singapore, India, and Oman.
Deliveries are being strategically staggered to optimize storage capacity. Approximately 149 million barrels arrived last week, with an additional 300 barrels expected weekly throughout April, ensuring a consistent flow of supply.
Despite the volatile global situation, authorities have firmly ruled out fuel rationing. The primary directive issued is a strict prohibition against hoarding, aiming to maintain stability and prevent artificial shortages.
Relief is also coming in the form of direct assistance to public transport. A pilot program is launching in Metro Manila, offering a P10-per-liter fuel subsidy to Public Utility Vehicle (PUV) drivers nationwide.
This substantial program, extending until July 2026, will provide up to 150 liters of subsidized fuel per vehicle each week, accessible at 14,000 gas stations across the country. An initial budget of P1.5 billion is allocated to support this initiative.
Approximately 142,698 jeepney and UV express drivers are projected to benefit from this crucial financial aid. Officials believe the combined effect of a potential price rollback and the new subsidy will significantly ease the burden on public transportation.
Recent data paints a stark picture of the Philippines’ vulnerability to global energy shocks. Since the outbreak of conflict in the Middle East, the nation has experienced the second-highest surge in gasoline prices and the third-highest increase in diesel prices worldwide.
As of Monday, diesel fuel reached P128.80 per liter, a staggering 112.9% increase compared to the previous month. Gasoline prices also soared to P94.3 per liter, representing a 65.7% jump from P56.90 just one month prior.
