Diesel, kerosene prices expected to rollback on first Tuesday of 2024

MANILA, Philippines — A relief on pump prices can be expected by motorists next week. 

Department of Energy Director of Oil Industry Management Bureau Rodela Romero attributed the upcoming oil price rollback to adjusted shipping operations.

“Ang kadahilanan po ng mixed movement, nag-ease po yung concern about ‘yung shipping disruption along the Red Sea,” Romero said in an interview with Teleradyo Serbisyo.

(The reason for the mixed movement is the eased concern about the shipping disruption along the Red Sea.)

“Nakapag-adjust na sila depsite na merong mga attack na ginagawa sa Red Sea, tuloy po ‘yung hanap nila ng alternative route,” she added.

(They have already adjusted despite the attacks happening in the Red Sea, so their search for an alternative route continues.)

A price rollback on diesel products of around P0.10 to P0.35 per liter is expected, while kerosene products is seen to also slash prices by P1 to P1.10 per liter.

On the other hand, there may be minuscule increase or no movement at all for gasoline products.

Last week, oil firms implemented big-time oil price hike, with gasoline prices increasing to P1.60 per liter, diesel to P1.70 per liter and kerosene to P1.55 per liter.

The pump price adjustments will take effect on Tuesday, with some oil firms implementing the price changes at 6 a.m. Some companies will adjust oil prices at 12:01 a.m.