MANILA — Good news to motorists: oil companies are expected to reduce fuel prices on the last day of 2024.

After 5 consecutive weeks of price increases, the following downward adjustments are forecasted to take effect Tuesday, December 31, 2024:

 • Gasoline - P0.30 - P0.50/L (rollback)

 • Diesel - P0.30 - P0.50/L (rollback)

 • Kerosene - P0.80 - P1.00/L (rollback)

Fuel price rollback seen on last day of 2024

Jetti Petroleum earlier stated there is skepticism in the market on the projection of demand in 2025, with more than enough oil supply to cater needs worldwide.

However, the possible rollback will still fall short to counter the concluding net increase of gasoline and diesel prices in 2024. Meaning, there are more price increases than decreases this year.

The Energy Department meanwhile stated that net increases in 2024 were practically not implemented, as retail prices are lower than what oil companies announce on their advisories.

From last week of 2023 to January 1, 2024, diesel prices were P52 to P67/L, and it now costs P49 to P67/L.

Gasoline meantime were P54 to P76/L in December 2023 to January 1, 2024, now it's being sold at around P51 to P75/L. -- with a report from Alvin Elchico, ABS-CBN News