Prices for fueling up in the gas station are set to drop on New Year’s Eve. Several major oil companies, including Caltex, Cleanfuel, Flying V, Jetti, Petro Gazz, Seaoil, and Shell, have announced rollbacks on gasoline and diesel prices. These companies will slash prices by 30 centavos per liter for both fuel types.
Caltex, Seaoil, and Shell will also be lowering kerosene prices by 90 centavos per liter. These price adjustments will take effect at 6:00 AM on December 31. Other oil companies are likely to follow this example.
Oil prices will start to drop at 12:01 a.m. on Tuesday.
Global oil prices will likely stay low as we near the end of the year. This is mainly because the International Energy Agency (IEA) predicts an oversupply in the oil market for 2025. Analysts are worried that this surplus might affect the stability of oil prices in the future.
In the Philippines, the Department of Energy has reported major changes in fuel prices this year. Gasoline prices have increased by PHP13.05 per liter, and diesel prices have gone up by PHP11.30 per liter. On the other hand, kerosene prices have decreased by PHP1.80 per liter. These changes show the ongoing ups and downs in the global oil market and how they affect local consumers.
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