Gasoline up P0.20 per liter as diesel, kerosene fall

MANILA, Philippines, December 16 ------ Motorists can expect slight relief at the pump today as diesel and kerosene prices go down. Gasoline prices, however, will rise for a third straight week, marking another record net increase.

Oil firms announced the mixed price adjustments. After remaining unchanged last week, diesel and kerosene prices will go down by P0.20 per liter. Gasoline prices, meanwhile, will increase by P0.20 per liter, bringing the total hike this month to P1.60 per liter after three consecutive weeks of increases.

Industry expert Leo Bellas, president of Jetti Petroleum, explained on Friday that the rollback was driven by lower crude oil prices, partly due to optimism over a potential Russia-Ukraine peace deal. He added that oil prices in Asia have also been easing amid expectations of increased supply as refineries resume normal operations following maintenance shutdowns.

The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) also cited projections by the International Energy Agency (IEA) and the US Energy Information Administration showing an expected oversupply in the coming months. The IEA said global oil supply is forecast to outstrip demand by 3.84 million barrels per day in 2026. Despite ongoing ceasefire talks easing investor concerns over the Russia-Ukraine war, Moscow again launched drone attacks on Ukraine, disrupting power in seven regions and damaging civilian facilities.

Source: philstar.com