APRIL 9, 2026 — After weeks of brutal pump price hikes that left jeepney drivers, delivery riders, and ordinary motorists clutching their wallets, a rollback is finally on the horizon. Diesel is projected to drop by ₱2.50 to ₱3.40 per liter, while gasoline may ease by ₱1.00 per liter starting next week. The trigger? A fragile two-week ceasefire between the United States and Iran, a deal struck at the eleventh hour to keep the Strait of Hormuz open — the chokepoint for nearly 20% of the world’s oil supply.

An oil industry source explained, “MOPS (Mean of Platts Singapore) prices and premiums have softened due to the ceasefire deal in the Middle East.” 

But the same source warned of “modest rebounds” depending on trading results until Friday, April 10. Simply put, this relief may be short-lived.

US President Donald Trump pushed Tehran to pause its blockade, threatening attacks on civilian infrastructure if the strait remained closed. 

Iran’s foreign minister Abbas Araqchi responded, saying, “We will stop counterattacks and allow safe passage.” 

Closer to home, President Ferdinand “Bongbong” Marcos Jr. seized the moment. 

“So 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. We are all hoping and praying that the two-week ceasefire will extend further if the talks go well,” he said. 

For us here at home, this rollback is more than numbers on a fuel board. It’s about whether tricycle fares stay affordable, whether food delivery riders can keep hustling without burning their earnings on gas, and whether provincial bus operators can breathe a little easier. 

But let’s not kid ourselves — global oil politics is a game we don’t control. The ceasefire is just a temporary patch, not a cure.

Will this rollback actually ease the squeeze on your wallet?

(Image: Philippine News Agency)