Diesel prices will rollback by P2.90 per liter and kerosene by P3.20 at the start of December, according to oil firms. The changes stem from shifting global market sentiment amid Ukraine's talks with US delegates on a potential peace deal with Russia. Gasoline, however, will rise by P0.20 per liter.
Oil firms announced on Monday that pump prices will adjust starting Tuesday, December 2. This marks the end of a month-long streak of weekly hikes for diesel, with kerosene seeing a significant rollback and gasoline edging up slightly, reversing last week's P0.20 cut.
The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) attributed the decline to changing global market sentiment from Ukraine's meeting with American delegates to explore a peace deal with Moscow. Assistant Director Rodela Romero stated that the talks could lead to lifting sanctions on Russian oil, one of the world's largest producers. The United States has been brokering the deal by threatening Russia with sanctions if it does not cooperate.
US President Donald Trump's latest ceasefire plan proposes that Ukraine relinquish control of some eastern regions to Russia and forgo NATO membership. In exchange, the US would commit to defending Ukraine via a coordinated military response if Russia attacks again. The 28-point plan adds that if Moscow accepts, sanctions would be lifted and $100 billion in frozen Russian assets would aid Ukraine's rebuilding, alongside a long-term US-Russia partnership.
Trump remains hopeful, but Ukraine has rejected ceding any territory not currently under Russian control, and Russian President Vladimir Putin shows little compromise as Moscow launches drone attacks on Kyiv during the plan's drafting. Last week, diesel rose by P0.60 per liter and kerosene by P1.30. Year-to-date gains stand at P21.75 for diesel and P6.75 for kerosene, with gasoline at a record-high P19.90 per liter.
DOE monitoring shows prevailing Metro Manila pump prices from November 25 to December 1 as: Gasoline (RON97/100) - P66.96; Gasoline (RON95) - P57.00; Gasoline (RON91) - P55.50; Diesel - P60.65; Diesel Plus - P63.55; Kerosene - P82.85. While these are averages, some stations sell gasoline from P49 to P80.38 per liter and diesel up to P77.29 per liter.