Fuel Prices to Roll Back on New Year’s Eve

Motorists will ring in the New Year with a welcome decrease in fuel prices, as oil companies announced their latest price adjustments effective on December 31, 2024.

Price Adjustments

In an advisory, Shell Pilipinas confirmed the following reductions:

• Diesel: Down by ₱0.30 per liter
• Gasoline: Down by ₱0.30 per liter
• Kerosene: Down by ₱0.90 per liter

Cleanfuel and Petro Gazz will also implement the same price reductions for diesel and gasoline, though kerosene is excluded as it is not part of their product lineup.

Other oil firms have yet to announce their adjustments as of posting time.

Industry Trends

Weekly price adjustments are typically announced every Monday and take effect the following day.

The rollback comes after a recent price hike on December 24, where gasoline increased by ₱0.50 per liter, diesel by ₱1.45, and kerosene by ₱0.75.

Oversupplied Market

The Department of Energy’s Oil Industry Management Bureau attributes the rollback to global market conditions. Assistant Director Rodela Romero cited the International Energy Agency’s (IEA) forecast of an oversupplied oil market in 2025, even if OPEC+ maintains or delays unwinding production cuts.