New Year’s week price cut likely
This estimated adjustment is triggered by the International Energy Agency’s continued expectation of an oversupplied oil market in 2025, even if OPEC+ holds production steady or delays the unwinding of voluntary production cuts.
(FILE PHOTO) A gasoline attendant, his movements swift and focused, fills the tank of a truck in Quezon City on Tuesday. The steady rise in fuel prices casts a heavy shadow over the routine task, as the cost climbs with each click of the nozzle, adding to the mounting financial strain felt across the city.
PHOTOGRAPH BY ARAM JAN LASCANO FOR THE DAILY TRIBUNE
Motorists can expect to start the New Year with lower fuel prices as the Department of Energy (DoE) anticipates a rollback in domestic pump prices next week, reversing the price hike on Christmas week.
Rodela Romero, director of the DoE’s Oil Industry Management Bureau, said initial monitoring of the international oil market indicates the following price reductions: gasoline by P0.30 to P0.65 per liter, diesel by P0.30 to P0.55 per liter, and kerosene by P0.80 to P0.90 per liter.
“This estimated adjustment is triggered by the International Energy Agency’s continued expectation of an oversupplied oil market in 2025, even if OPEC+ holds production steady or delays the unwinding of voluntary production cuts,” Romero explained.
Higher last Tuesday
This week, oil companies raised diesel prices by P1.45 per liter, kerosene by P0.75 per liter, and gasoline by P0.50 per liter, which followed the previous week’s increase of P0.80 per liter for diesel and P0.10 per liter for kerosene.
Year-to-date, the total adjustments show a net increase of P13.05 per liter for gasoline and P11.30 per liter for diesel. In contrast, kerosene has experienced a net decrease of P1.80 per liter.