Fuel price rollback welcomes New Year

Motorists can expect a welcome relief as the New Year brings a rollback in fuel prices, following last week’s increase.

The adjustment offers some respite to drivers and commuters who have been dealing with volatile fuel costs in recent months.

Starting Tuesday morning, retailers will implement a P0.30 per liter cut for both diesel and gasoline prices and P0.90 per liter for kerosene costs.

“This adjustment is triggered by the International Energy Agency’s (IEA) continued expectation of an oversupplied oil market in 2025, even if OPEC+ (Organization of the Petroleum Exporting Countries Plus) holds production steady or delays the unwinding of voluntary production cuts,” Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, said in a text message.

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.

As of 24 December, 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.