Following two weeks of significant petroleum product price increases, a decrease of nearly a peso is expected next week.
According to estimates from fuel trading over the past four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero stated that the projected decreases in petroleum product prices are as follows:
• Gasoline - P0.50 to P0.75
• Diesel - P1.00 to P1.15
• Kerosene - P0.90 to P1.00
Romero pointed to declining tensions in the Middle East, potential excess crude supply in the first half of 2025, an expected slowdown in oil demand in 2025 due to vehicle upgrades, and the slowing economy of China as reasons for the anticipated reduction in petroleum product prices next week.
Local oil companies will announce the final reduction in petroleum product prices tomorrow, Monday, and it will take effect on Tuesday.
Last Tuesday, October 15, gasoline prices increased by P2.60 to P2.65 per liter, diesel by P2.70 per liter, and kerosene by P2.60 per liter.
As a result of these increases, gasoline prices have risen a total of P9.05 per liter since January, and diesel by P6.75 per liter. Kerosene, meanwhile, has seen a total increase of P2.75 per liter.
Currently, in Metro Manila, gasoline prices range from P50.20 to P70.20 per liter, diesel from P46.40 to P61.00 per liter, and kerosene from P67.29 to P78.14 per liter, based on monitoring by the DOE.
