A rollback in oil prices will take effect on December 31, bringing relief to motorists and consumers ahead of the New Year.
According to the Department of Energy (DOE), the reduction in fuel prices is based on international trading data, which shows a decrease in global oil prices this week.
Here are the details of the price rollback:
Gasoline – Decrease of P0.30 per liter
Diesel – Decrease of P0.30 per liter
Kerosene – Decrease of P0.90 per liter
The rollback is attributed to forecasts from the International Energy Agency (IEA) predicting an oversupply of oil in 2025, leading to the price reductions.
This move is expected to ease the financial burden on motorists as they ring in the new year with lower fuel costs.
