Cheyenne Suarez

Motorists queue for fuel at a gas station in Quezon City on April 19, 2022, after another oil price hike. The price hike resumes after two weeks of rollback as the price of crude oil remains volatile in the world market. Mark Demayo, ABS-CBN News

Article (news)

OIL-PRICE-HIKE

Alvin Elchico

ABS-CBN News

MANILA - After 5 consecutive weeks of price increases for gasoline, a rollback looms for motorists next Tuesday, the last day of 2024.Based on the first four trading day this week, gasoline, diesel and kerosene prices have gone down by the following amounts:Gasoline  P0.65/L rollbackDiesel      P0.53/L rollbackKerosene P0.87/L rollbackJetti Petroleum President Leo Bellas said there is skepticism in the market on the earlier projection that demand will pick up in 2025 due to more than ample oil supply to accommodate the oil requirements worldwide.Despite the impending rollback next week, diesel and gasoline prices are going to end 2024 with a net increase, meaning there are more price hikes than rollbacks for this year.With one price movement to go, here&#x27;s the net price movement of diesel, gasoline and kerosene:<div style="line-height:1">Gasoline P13.05/L (net increase)</div>  Increases 31x = P28.60  Decreases 18x = (P15.55)  <div style="line-height:1">Diesel P11.30/L (net increase)</div>  Increases 28x = P29.00  Decreases 24x = (P17.70)<div style="line-height:1">Kerosene  P1.80/L (net rollback)</div>  Increases 26x = P21.30  Decreases 23x = (P23.10)But the Department of Energy says the net increases in diesel and gasoline for 2024 were practically not implemented as retail prices are lower than what oil firms announce in their weekly advisories.Diesel prices were P52 to P67/L in the last week of 2023 to January 1, 2024, now it sells for around P49 to P67/L. Gasoline prices were P54 to P76/L in the last week of December to January 1, 2024, now it sells for around P51 to P75/L.Jetti Petroleum said this is due to intense competition at the ground level where independent players bring down prices to attract motorists.<div>LPG PRICES LIKELY DOWN TOO </div>Meanwhile, there is also a possibility of rollback for LPG come January 1, 2025. As of yesterday, the contract price of LPG is down by $40/metric ton which is equivalent to around P1/kilo reduction in the retail price of LPG.Regasco President Arnel Ty said there are 2 possibilities for January 1: price adjustment, either a rollover or a slight rollback.But Ty said by February and March, seasonally LPG prices are down as countries have already stocked up enough supply and the winter is already starting to fade by that time.

After 5 consecutive weeks of price increases for gasoline, a rollback looms for motorists next Tuesday, the last day of 2024.

After 5 consecutive weeks of price increases for gasoline, a rollback looms for motorists next Tuesday, the last day of 2024.

Fuel price rollback seen on last day of 2024

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Fuel price rollback seen on last day of 2024

Alvin Elchico,

ABS-CBN News

Published December 27, 2024 04:17 PM PHT

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