December is set to begin with a significant drop in diesel and kerosene prices, driven by hopes for a Ukraine-Russia ceasefire. Experts predict a rollback of P3 to P3.20 per liter for diesel and about P3 for kerosene. Gasoline prices may stay the same or rise by P0.10 per liter.
In Manila, Philippines, oil industry experts predict a potential rollback of P3 to P3.20 per liter for diesel and roughly P3 per liter for kerosene as December begins. This comes as markets respond to renewed hopes for a Ukraine-Russia ceasefire. The forecasts stem from four days of trading on the Mean of Platts Singapore, a key pricing benchmark for petroleum products.
Final price changes will be announced on Monday and take effect the next day. Ukrainian President Volodymyr Zelensky stated on Thursday that Ukrainian and American delegations will meet this week to outline a path to end the conflict with Russia. "[The] possible US-brokered peace deal between Kyiv and Moscow could lift Western sanctions on Russian oil," said Rodela Romero, assistant director at the Department of Energy.
Sanctions on Russian oil companies Rosneft and Lukoil remain in place, with the invasion of Ukraine nearing its fourth year. For gasoline, Jetti Petroleum president Leo Bellas noted that Asian prices have eased slightly, but elevated premiums and freight costs persist amid a tight supply-demand balance.