Good news for motorists!
A significant rollback in fuel prices is expected as December begins.
According to Department of Energy Oil Industry Management Bureau Director Rino Abad, based on four days of monitoring under the Mean of Platts Singapore, diesel prices may drop by ₱3 per liter, kerosene by ₱3 per liter, and gasoline by ₱0.30 per liter.
Abad explained that this big-time rollback is due to the observed oversupply of oil in the global market.
He also emphasized that a possible peace deal between Russia and Ukraine is being considered as a factor that may influence changes in fuel prices.
Meanwhile, the downward price trend may continue if the 2-million-barrel-per-day oil production pushes through and if the Russia–Ukraine peace deal materializes.
