In the second straight week of adjustments, oil companies announced diesel price drops of P1 to P1.20 per liter this week—larger than last week's modest changes—offering more relief to motorists before Christmas. Gasoline is set to fall by P0.60 to P0.80 per liter, and kerosene by about P1.75 per liter, driven by robust supply and weak demand.
Oil companies in Manila, Philippines, announced petroleum product price rollbacks for the week of December 23, following last week's smaller changes where gasoline rose P0.20 per liter and diesel/kerosene fell P0.20 per liter.
The latest Mean of Platts Singapore (MOPS) trading results support diesel cuts of P1 to P1.20 per liter, gasoline by P0.60 to P0.80 per liter, and kerosene by around P1.75 per liter.
Department of Energy assistant director Rodela Romero credited robust supply and weak demand, which have overshadowed geopolitical tensions, along with optimism for a Russia-Ukraine peace agreement.
Jetti Petroleum president Leo Bellas highlighted how a potential ceasefire could restore disrupted Russian supply flows.
Final adjustments will be confirmed tomorrow and take effect December 23, continuing the downward trend amid holiday travel.
