Marilyn Cahatol

Motorists line up to buy fuel at a gas station in Mandaluyong City on March 22, 2022. Oil firms implemented price rollbacks today after price hikes the last 11 weeks. George Calvelo, ABS-CBN News

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ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px;display:block" width="960"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/176428556267820220322-gas-station-rollback-GC-18.jpg" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left">Motorists line up to buy fuel at a gas station in Mandaluyong City on March 22, 2022. Oil firms implemented price rollbacks today after price hikes the last 11 weeks. <em>George Calvelo, ABS-CBN News</em> </span></span></span><br/>MANILA — A huge rollback in diesel and kerosene prices is expected come December next week, the Department of Energy said Friday, Nov. 28.</div><p>Based on the four-day trade monitoring of the Means of Platts Singapore, DOE Oil Industry Management Bureau Director Rino Abad said the following decreases are expected:</p><p>Gasoline – P0.30 / liter</p><p>Diesel – P3.00 / liter</p><p>Kerosene – P3.00 / liter</p><p>Abad said the big-time rollback is due to a forecasted oversupply of oil in the global market, which could reach two million barrels of oil production per day next year. </p><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/IEnEV1tk3b8?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><p>He explained that the Organization of the Petroleum Exporting Countries and allies (OPEC+) had increased their oil production by 500,000 barrels per month from July to September, and 237,000 barrels in October and November.</p><p>The OPEC+ members expressed their intent to halt the increases following the forecasted oversupply next year, he added. </p><p>Abad said the possible peace deal between Russia and Ukraine has also been considered in the projected change in oil prices but the difference is minimal so long as the peace deal has not materialized.</p><p>“Itong Russian, Ukraine peace deal, hopes pa lang yan pero it adds up to the sentiment na mawawala &#x27;yung EU (European Union) at US (United States) sanction sa kanyang (Russian) oil infra,” he said.</p><p>The Russian-Ukraine war, including the EU and US sanctions on Russian oil companies, is among the major causes of oil price hikes. </p><p>Abad said the price rollback may continue should the two million barrel daily oil production and the Russian-Ukraine peace deal take shape.</p><div><a href="https://www.abs-cbn.com/news/business/2025/11/24/gasoline-prices-down-diesel-up-as-november-ends-1030">Gasoline prices down, diesel up as November ends</a></div><div> </div><div><strong>RELATED VIDEO:</strong></div><div style="text-align:center"><iframe width="560" height="315" src="https://www.youtube.com/embed/szz3DlY9dks?si=UrQdvqQ-MS761ZLp" title="YouTube video player" frameBorder="0" allowfullscreen=""></iframe><br/></div>

<p>A huge rollback in diesel and kerosene prices is expected come December next week, the Department of Energy said Friday, Nov. 28.</p>

A huge rollback in diesel and kerosene prices is expected come December next week, the Department of Energy said Friday, Nov. 28.

December heralds big-time diesel, kerosene price rollback

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December heralds big-time diesel, kerosene price rollback

Marilyn Cahatol,

ABS-CBN News

Published November 28, 2025 08:29 AM PHT

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Updated November 28, 2025 09:01 AM PHT

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Oil prices

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