Diesel, kerosene rollbacks to greet motorists in 1st week of 2024

After a round of big-time hikes, motorists shall expect a sigh of relief to greet them in the first week of 2024 as pump prices of diesel and kerosene are seen to roll back.

Citing industry estimates based on oil trading in the past four days, Department of Energy (DOE)-Oil Industry Management Bureau Assistant Director Rodela Romero said the price per liter of diesel may be slashed by P0.10 to P0.35.

Kerosene prices, meanwhile, may be reduced by P1.00 to P1.10 per liter.

For gasoline, however, “no movement or increase of P0.10 per liter” could be expected.

“These are attributed to the ease of concerns about shipping disruptions along the Red Sea and the Russian oil output expected to hold steady in 2024. Russia diverted its oil exports from Europe to India and China,” Romero said.

“Final adjustments will be realized at the end of the Friday trading,” she said.

Oil companies usually announce price adjustments every Monday, to be implemented on the following day.

Fuel firms, effective December 26, hiked the per liter prices of gasoline by P1.60, diesel by P1.70, and kerosene by P1.54.—AOL, GMA Integrated News