Motorists can expect a significant reprieve at the pumps next week, with diesel prices expected to post a rare and steep rollback of up to P26 per liter.

An industry source who requested anonymity confirmed on Saturday that estimates based on the full week trading at the Mean of Platts Singapore indicated diesel prices could drop by around P24 to P26 per liter, a much deeper cut than earlier projections.

Gasoline prices, meanwhile, are projected to decline by a more modest P2.00 to P3.00 per liter, based on the same forecast.

If implemented, diesel prices could settle at around P80.11 to P131.11 per liter compared to the prevailing prices this week.

Oil companies are expected to finalize and announce the official price adjustments ahead of implementation, typically scheduled every Tuesday. Actual pump prices will still vary depending on location and fuel provider.

For the first time since the outbreak of the Middle East war, pump prices moved lower this week, with diesel declining by around P20 to P23 per liter, gasoline by P4 to P6.50 per liter, and kerosene by roughly P8.50 to P11.50 per liter.

Since the start of the year until 14 April, government data showed that gasoline prices have ballooned to P50.20 per liter, kerosene by PP78.70 per liter, and diesel by a whopping P89.85 per liter.

Last week, Dubai crude decreased by around $8.00 per barrel. Refined products followed suit, with gasoline also down by about $8.00 per barrel, kerosene by $11.00 per barrel, and diesel posting the steepest decline at $28.00 per barrel.