Lower fuel prices on New Year’s Eve - Energy Dept.

Metro Manila, Philippines - Fuel prices will go down on New Year’s Eve, based on the forecast of the Department of Energy (DOE).

Oil companies are seen to cut gasoline prices by P0.30 to P0.65 per liter, diesel by P0.30 to P0.55 per liter, and kerosene by P0.80 to P0.90 per liter, the agency said on Friday, Dec. 27.

“This estimated adjustment is triggered by the IEA’s (International Energy Agency) continued expectation of an oversupplied oil market in 2025 even if OPEC+ (Organization of the Petroleum Exporting Countries Plus) holds production steady or continues to delay the unwinding of its voluntary production cuts,” the DOE said in a statement.

Industry players will announce the price changes on Monday, a day ahead of the anticipated price cut effective Dec. 31.