Fuel prices to decrease Tuesday

Motorists can expect a fuel price rollback on the last day of 2024, marking a potential end to five consecutive weeks of price hikes for gasoline.

Gasoline and diesel are projected to decrease by P0.30 to P0.50 per liter, while kerosene is expected to roll back by P0.80 to P1.00 per liter.

Market sentiment shows skepticism about a projected demand increase in 2025, with ample global oil supply.

Despite the upcoming rollback, both diesel and gasoline will end 2024 with a net price increase for the year.

For the entirety of 2024, gasoline has a net increase and diesel also has a net increase, while kerosene has a net rollback.

The Department of Energy points out that the actual retail prices for diesel and gasoline are lower than the announced weekly advisories, suggesting the net increases were not fully realized.