December 28, 2024 | 12:00am
MANILA, Philippines — Following five straight weeks of increases, motorists can look forward to a fuel price rollback in the first week of 2025.
The four-day trading in the global oil market indicated a decline of P0.30 to P0.65 for gasoline, P0.30 to P0.55 for diesel and P0.80 to P0.90 for kerosene, according to the Department of Energy.
DOE-Oil Industry Management Bureau assistant director Rodela Romero attributed the estimated adjustments to the bullish outlook on global oil supply next year.
The International Energy Agency, an intergovernmental group that provides data and analysis on the global energy sector, continues to expect an oversupplied oil market in 2025, Romero said.
This forecast stands even if “OPEC+ holds production steady or continues to delay the unwinding of its voluntary production cuts,” she said.
Yesterday’s trading would determine the final price adjustments in domestic pumps, which will be announced on Monday and will take effect on Dec. 31.
This week, oil companies implemented a price hike of P0.50, P1.45 and P0.75 per liter for gasoline, diesel and kerosene, respectively.
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