Motorists can look forward to some relief at the pump, as fuel prices are expected to drop just in time for New Year’s Eve.
According to the Department of Energy, based on recent international trading data, retail fuel prices are forecast to decrease next week. The anticipated adjustments 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 rollback is driven by the International Energy Agency’s (IEA) prediction of an oversupplied oil market in 2025, despite OPEC+ maintaining its production cuts. The final price changes will depend on Friday’s trading outcomes.
Fuel companies will announce the official price adjustments on Monday, December 30, with the new rates taking effect the following day. This comes after recent price hikes on December 24, where gasoline prices increased by P0.50, diesel by P1.45, and kerosene by P0.75.
The total year-to-date adjustments now stand at a P13.05 per liter increase for gasoline, P11.30 per liter for diesel, and a P1.80 per liter decrease for kerosene.
