MOTORISTS are getting a reprieve to start the New Year as a fuel price rollback is expected in the first week of 2025 after five consecutive weeks of price hikes.

The Department of Energy (DOE) has reported that recent trading in the global oil market signals a reduction in fuel prices ranging from P0.30 to P0.65 for gasoline, P0.30 to P0.55 for diesel, and P0.80 to P0.90 for kerosene.

The price adjustments are attributed to a positive outlook for global oil supply in 2025, according to Rodela Romero, assistant director of the DOE's Oil Industry Management Bureau.

Romero explained that the International Energy Agency continues to predict an oversupplied oil market next year, even if OPEC+ maintains current production levels or delays further cuts.

The final price adjustments, based on four days of global oil market trading, will be confirmed on Monday, with new prices set to take effect on December 31.

This week, fuel companies raised prices by P0.50 for gasoline, P1.45 for diesel, and P0.75 for kerosene, marking the latest in a series of price hikes.

The expected rollback comes as a welcome relief for consumers who have faced rising fuel costs in recent weeks.

However, the global oil market remains volatile, and price fluctuations are always a possibility in the coming months.

The DOE continues to monitor global oil trends closely to provide updates on any further changes to domestic fuel prices.(CMM)

• Tags
• #Motorists
• #New Year
• #Fuel Price
• #Rollback
• #2025
• #Department of Energy
• #Global Oil Market
• #Department of Energy
• #Rodela Romero
• #International Energy Agency
• #Diesel
• #Gasoline
• #Kerosene