December 31, 2024 | 12:00am
MANILA, Philippines — Fuel prices are poised to go down today, snapping five straight weeks of increase for gasoline and a two-week uptrend for diesel and kerosene.
In separate advisories, Shell, Caltex and Seaoil announced a rollback of P0.30 per liter for gasoline and diesel and P0.90 per liter for kerosene.
PetroGazz, Cleanfuel, PTT Philippines and Jetti would implement the same price movements, except for kerosene, which they do not offer.
The downward adjustments were due to the bullish outlook on global oil supply next year, according to the Department of Energy.
This followed the International Energy Agency’s forecast of an oversupplied market in 2025 even if OPEC+ holds production steady and further delays to increase output until April.
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