New Year’s Eve to Bring Fuel Price Rollback for Motorists

Motorists can expect a decrease in fuel prices next week, coinciding with New Year’s Eve, according to industry estimates based on recent international trading trends.

Assistant Director Rodela Romero of the Department of Energy’s Oil Industry Management Bureau confirmed the anticipated rollback, citing oversupply concerns from the International Energy Agency (IEA).

The estimated price reductions per liter are:

• Gasoline: ₱0.30 to ₱0.65
• Diesel: ₱0.30 to ₱0.55
• Kerosene: ₱0.80 to ₱0.90

“The expected rollback is driven by the IEA’s forecast of an oversupplied oil market in 2025, even if OPEC+ maintains or extends voluntary production cuts,” Romero explained.

Final adjustments will depend on the results of Friday’s trading. Official announcements on per-liter price changes are typically made by oil companies on Mondays, with implementation starting the following day.

Recent Price Trends

On December 24, 2024, oil companies raised the per-liter prices of:

• Gasoline: ₱0.50
• Diesel: ₱1.45
• Kerosene: ₱0.75

Year-to-date net adjustments show:

• Gasoline: ₱13.05 per liter increase
• Diesel: ₱11.30 per liter increase
• Kerosene: ₱1.80 per liter decrease

In Metro Manila, prevailing fuel prices are:

• Gasoline: ₱51.35 to ₱74.42 per liter
• Diesel: ₱49.00 to ₱65.79 per liter
• Kerosene: ₱61.98 to ₱80.94 per liter