00:01Motorists can expect significant relief at the pump as fuel prices are set for one of the biggest rollbacks this
00:07year.
00:07Diesel prices are projected to drop by as much as 26 pesos and 50 centavos per liter,
00:14while gasoline could decrease by up to 3 pesos and 50 centavos per liter.
00:19The adjustments are expected to take effect on Tuesday, April 21, following formal announcements on Monday.
00:25This follows easing tensions in the Middle East and the reopening of the Strait of Hormuz,
00:31a critical shipping lane that handles about 20 percent of the world's oil supply, driving a sharp drop in global
00:37oil prices.
00:39In the Philippines, the Department of Energy says it is working to ensure these reductions are passed on to consumers.
00:46Oil companies have been ordered to submit daily inventory and storage reports under tighter government oversight during the ongoing energy
00:54emergency.
00:54Officials say this is part of efforts to build a supply buffer and protect the country from future price volatility,
01:01warning that non-compliant firms may face penalties including possible suspension of permits.
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