Jauhn Etienne Villaruel

Fuel nozzles hang at a gasoline station in Manila on February 26, 2022. Gasoline prices which already increased for 8 straight weeks recently are expected to rise further amid the escalating conflict between Ukraine and Russia. George Calvelo, ABS-CBN News

Article (news)

Alvin Elchico

Benise Balaoing

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px;display:block" width="960"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/177570008731520220226-gast-station-oil-price-GC-7933.jpg" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left">Fuel nozzles hang at a gasoline station in Manila on February 26, 2022. George Calvelo, ABS-CBN News/File</span></span></span></div><p>MANILA — Oil prices fell in the first 3 days of trading in the world market after the United States and Iran agreed to a ceasefire.</p><div><a href="https://www.abs-cbn.com/news/world/2026/4/8/trump-suspends-iran-bombing-for-two-weeks-after-apocalyptic-threats-0746" rel="noopener noreferrer" target="_blank">US, Iran agree to 2-week truce after Trump apocalyptic threats</a></div><p>From April 6 to 8, oil prices dropped by the following amounts in the world market:</p><div><br/></div><p style="line-height:1">• Diesel - P7/liter decrease</p><p style="line-height:1">• Gasoline - P3/liter decrease</p><p style="line-height:1">• Kerosene - P5/liter decrease</p><div><br/></div><div><a href="https://www.abs-cbn.com/news/world/2026/4/9/-total-victory-or-taco-trump-faces-questions-on-iran-deal-0927">&#x27;Total victory&#x27; or TACO? Trump faces questions on Iran deal</a></div><p>The Philippine energy department, however, said that Filipinos should not expect fuel prices to <a href="https://www.abs-cbn.com/news/business/2026/4/8/fuel-prices-unlikely-to-normalize-even-if-war-ends-soon-garin-1231" rel="noopener noreferrer" target="_blank">return to pre-war levels</a> anytime soon, even if the ongoing conflict in major oil-producing regions were to stop today.</p><p>Energy Secretary Sharon Garin said global factors, including damaged oil infrastructure and rising delivery costs, will continue to keep pump prices elevated.</p><div><a href="https://www.abs-cbn.com/news/business/2026/4/7/don-t-expect-oil-to-normalize-at-once-even-if-mideast-war-stops-today-ex-energy-chief-1823" rel="noopener noreferrer" target="_blank">Don&#x27;t expect oil to normalize at once even if Mideast war stops today—ex Energy chief</a></div><p>Leo Bells, president of Jetti Petroleum, said the drop should be sustained for a rollback to be expected.</p><p>&quot;Babalik don sa fundamentals kung nasaan na yung supply. Ida-digest ng market kung yung oil sa Middle East infrastructure ay nandyan pa at ready pa. Yung Strait of Hormuz, habang nakasara yan, hindi pa natin aasahan talaga na bababa ang presyo,&quot; he said.</p><p>Hindi natin nakikita na magtutuloy-tuloy,&quot; he added.</p><div><br/></div><div><strong>RELATED VIDEO</strong><br/><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/9pK4jxl3ot8?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>Oil prices fell in the first 3 days of trading in the world market after the United States and Iran agreed to a ceasefire.</p>

Oil prices fell in the first 3 days of trading in the world market after the United States and Iran agreed to a ceasefire.

P7 diesel rollback possible next week after US-Iran ceasefire

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P7 diesel rollback possible next week after US-Iran ceasefire

Alvin Elchico,

Benise Balaoing,

ABS-CBN News

Published April 09, 2026 10:09 AM PHT

|

Updated April 09, 2026 04:07 PM PHT

Read More:

oil prices

rollback

Middle East war

gasoline

kerosene

diesel

presyo ng gas

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