Fuel price rollback to greet motorists on New Year’s Eve

Motorists should look forward to a decrease in the retail prices of fuel next week, in time for the New Year’s Eve.

Citing industry estimates, based on international trading in the past four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said that “there will be an expected rollback in the domestic pump prices.”

The estimated downward adjustment in fuel pump prices are as follows:

• Gasoline - P0.30 to P0.65 per liter
• Diesel - P0.30 to P0.55 per liter
• Kerosene - P0.80 to P0.90 per liter

“This estimated adjustment is triggered by the IEA’s (International Energy Agency) continued expectation of an oversupplied oil market in 2025 even if OPEC+ (Organization of the Petroleum Exporting Countries Plus) holds production steady or continues to delay the unwinding of its voluntary production cuts,” Romero said.

The Energy official said that final adjustments depend on the result of Friday’s trading.

Fuel firms announce the official per liter price adjustments on petroleum products every Monday, which will take effect on the following day.

On Tuesday, December 24, 2024, oil companies hiked the per liter prices of gasoline by P0.50, diesel by P1.45; and kerosene by P0.75.

The latest price movements brought the year-to-date total adjustment of gasoline and diesel stands at a net increase of P13.05 per liter and P11.30 per liter, respectively. 

On the other hand, kerosene has a total year-to-date net decrease of P1.80 per liter.

In Metro Manila, the prevailing retail prices of gasoline range from P51.35 to P74.42 per liter, diesel ranges from P49 to P65.79 per liter, and kerosene from P61.98 to P80.94 per liter, according to latest data from the DOE’s price monitoring.—with Joviland Rita/AOL, GMA Integrated News