P24.9 price drop for diesel – BBM

More major rollbacks in coming weeks

- HELEN FLORES and BRIX LELIS, Andrew Ronquillo, Emmanuel Tupas

The biggest fuel price cuts since the easing of tension in the Middle East are seen to take place next week, with diesel cost getting slashed by P24.94 per liter, gasoline by P3.41, and kerosene by P2.

President Marcos made the announcement in his vlog posted on YouTube. “Next week, there will be more major cuts in oil prices,” Marcos said.

Global oil prices have steadily declined this week, driven by easing geopolitical tensions abroad, including the recently announced ceasefire between Israel and Lebanon.

"This is bigger than last week's rollback. And the message is clear for all of us: Relief is coming,” the Chief Executive said. He didn’t reveal the exact date of the price cuts, but an industry insider said they will be implemented on Tuesday.

Marcos also called on oil companies to implement the rollback properly and without delay.

"Give the people what they deserve," the President said. "Every centavo reduction should be felt by every Filipino," he said.

"Our time should be spent on our family, school and work - not on long lines," the President said.

"Since diesel prices are very high to begin with, the big decline is due to the significant unwinding of the risk premium that has built up on the price because of the war in the Middle East," an industry source told The STAR earlier yesterday.

Marcos also said the provision of P10 fuel discount for public utility vehicles, and the Service Contracting Program for PUV drivers would continue.

The President also announced that the Land Transportation Office has extended by three months the validity of licenses and motor vehicle registrations.

"For example, if your license or registration expires this month, it will still be valid until July, and you will not charges, any fines or any surMarcos said.

Aside from driver's licenses and registrations, the validity of student permits and conductor's licenses has also been extended, Marcos added.