MANILA — The upcoming New Year 2025 brings good news for motorists as a significant oil price rollback is expected next week.
This is certainly something that will delight Filipino drivers who have been hoping for lower fuel prices and a reduction in other petroleum products, which in turn could lead to lower commodity prices in the future.
According to the Department of Energy (DOE) and the Oil Industry Management Bureau (OIMB), after several weeks of monitoring and assessing the trends in global petroleum products, it has been observed that the decline in prices could continue.
Based on the agency’s four-day oil trade monitoring, the expected rollbacks are as follows:
Gasoline: P0.30 to P0.65
Diesel: P0.30 to P0.55
Kerosene: P0.80 to P0.90
DOE-OIMB Assistant Director Rodela Romero explained that the drop in petroleum product prices is attributed to the following factors:
Low Demand from the International Market: Despite price hikes in some countries, the global demand for oil remains low, which affects the prices of petroleum products.
Oversupply of Oil in the Market: With continued increases in oil production and distribution from major oil producers worldwide, an oversupply has occurred, leading to a price decrease.
This rollback is great news for both motorists and consumers, as it will not only ease daily expenses but also support industries that rely on petroleum products for their operations, including transportation, manufacturing, and other sectors that use oil in production.
Meanwhile, experts have stated that prices may still fluctuate in the coming weeks, depending on the global market situation. However, the current drop in oil prices is a step toward a lighter economy for citizens.
We can also expect consumers to benefit from discounts and promotions from gas stations, which will help further reduce prices in the local market.
So, despite the challenges that may come, this rollback of petroleum product prices offers a hopeful and beneficial start to the New Year.
elami/mnm
Manila Mayor Honey Lacuna officially spearheaded the reopening of the historic Lagusnilad underpass on Tuesday, November 28, 2023, marking the end of a six-month-long rehabilitation period for motorists.
Commencing its restoration on May 2, 2023, the project, originally slated for completion in September, faced a two-month extension, attributed to technical challenges, including flood control, as acknowledged by the rehab project undertaker Department of Public Works and Highways (DPWH).
Timely for the festive season, the Lagusnilad underpass emerged as a welcome solution to ease traffic congestion in the heart of Manila, offering respite just as the city prepares for the upcoming Christmas and New Year holidays.
(Benjamin Cuaresma/ai/mnm)