On the other hand, the price of diesel will decrease by P0.20 per liter, while kerosene will also be reduced by P0.40 per liter starting Tuesday.
(Picture by Dexter Terante)
Rodela Romero, Director of the Department of Energy (DOE) Oil Industry Management Bureau, stated that the increase in gasoline prices is due to the production cuts made by the Organization of Petroleum Exporting Countries (OPEC) and its allies, led by Russia.
However, in the first part of 2025, an oversupply of oil is expected, and the demand for it is also expected to decrease, according to Romero.
As a result, the prices of petroleum products will continue to drop until the end of 2024.
Meanwhile, as of December 2, 2024, the exchange rate is P58.65 to one US dollar.
