Oil firms announced a fuel price rollback of up to P1.60 per liter starting December 23, offering relief to Filipinos during the Christmas season. Gasoline will drop by P0.80 per liter, diesel by P1.30, and kerosene by P1.60.
Amid ongoing rises in oil prices, oil firms provided relief with a fuel price rollback starting Tuesday, December 23. Announcements from Shell Pilipinas, Seaoil, Cleanfuel, and PetroGazz on Monday, December 22, indicate gasoline will decrease by P0.80 per liter, recouping half of the P1.60 cumulative increase over three weeks.
Diesel and kerosene continue a downward trend after November's sharp hikes. Diesel will fall by P1.30 per liter and kerosene by P1.60. The Department of Energy's Oil Industry Management Bureau (DOE-OIMB) attributes the changes to increased oil production, weak consumer demand, and positive market sentiment from a potential Russia-Ukraine ceasefire.
Last week, global oil prices dipped below $60 per barrel on hopes of peace, potentially easing sanctions on Russian refineries and normalizing supply. DOE monitoring shows prevailing Metro Manila pump prices from December 16 to 22 as: gasoline (RON97/100) P66.84, RON95 P59.20, RON91 P55.70, diesel P53.30, diesel plus P66.40, and kerosene P79.47.
This rollback returns year-to-date diesel and kerosene increases to October levels of P20.25 and P4.95 per liter, respectively, while gasoline maintains a net rise of P20.50 per liter.
