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MANILA, Philippines —Motorists are expected to welcome 2025 with slight price reductions in petroleum products, industry sources said.
For the first week of the new year, Rodela Romero, assistant director of the Department of Energy (DOE) Oil Industry Management Bureau, said gasoline and diesel prices may go down by 30 centavos per liter to 65 centavos per liter.
Kerosene prices may also decrease by 80 centavos a liter to 90 centavos a liter.
Separate estimates from Unioil on Saturday also showed downward adjustments ranging from 30 centavos per liter to 50 centavos per liter for both diesel and gasoline.
The possible price rollback can be attributed to the International Energy Agency’s expectation of “an oversupplied oil market” next year.
READ: Fuel price hike up to P1.45/L greets motorists on Christmas week
This is despite Opec+’s decision to keep the production steady. Opec+ is composed of the Organization of the Petroleum Exporting Countries and allies, led by Russia.
Last week, oil companies announced price hikes of 50 centavos to P1.45 per liter in petroleum products.
Data from the DOE as of Dec. 26 showed that since January, gasoline and diesel prices had a net increase of P13.05 and P11.30 per liter, respectively.
Kerosene, meanwhile, had a total net decrease of P1.80 per liter.