Fuel price rollback set on April 14—Marcos
President Ferdinand "Bongbong" Marcos Jr. announced a big rollback in fuel prices effective April 14.
The price adjustments starting Tuesday will include Diesel being less P20.89/liter, gasoline less P4.43/liter, and kerosene less P8.50/liter.
"Malaking tulong ito, lalo na sa ating mga driver, sa mga commuter, at sa bawat pamilyang Pilipino na araw-araw naaapektuhan ng mataas na presyo ng krudo," Marcos said in a video statement.
The government will not stop there, he added, saying his administration would not stop until the price rollbacks reflect on transportation fares and food prices.
"Sa mga susunod na araw at linggo, may iaanunsyo pa akong mga dagdag na hakbang at tulong mula sa gobyerno," Marcos said.
"Hindi natin hahayaang mapabayaan ang bawat Pilipino sa gitna ng mga hamong ito," he added.
On Sunday, Energy Secretary Sharon Garin announced the price rollback will remain until April 20. She explained the price adjustments are "based on the average of the last five days of international prices, and comparing that to the average of the previous week."
In an interview with Super Radyo dzBB, Garin said the structural damage to oil facilities caused by the six-week ongoing war in Iran will keep fuel prices volatile.
"Kung two weeks lang 'yung gyera, bababa ['yung presyo]. But the structural damage has already been done. It will take a long time to fix the facilities. Bababa man, hindi kasing bilis n'ung pag-akyat [ng presyo]," Garin said. "Baka hindi na tayo aabot ng tulad ng dati ng P60 per liter ang diesel dito."
The price rollback on April 14 will be the first significant decrease since the war in Iran began on Feb. 28. As Israel and the US launched coordinated attacks against Iran, killing Iranian Supreme Leader Ali Khamenei, Iran retaliated by bombing several US assets in the Middle Eastern region, and shutting the Strait of Hormuz, through which 20% of global seaborne oil is transported.
While the Philippines eventually received assurance from Iran of safe passage through the strait, it may be a short-lived privilege.
Following an unsuccessful ceasefire talk over the weekend with Iran, US President Donald Trump announced the US Navy will begin blocking ships entering or leaving the strait by Monday.
