Diesel, kerosene prices seen to go down but gasoline may rise on Jan 2

MANILA  -The Department of Energy (DOE) announced possible rollbacks in the pump prices of diesel and kerosene effective Tuesday, Jan 2.

In a text message to reporters, DOE Oil Industry Management Bureau Director Rodela Romero said the price of diesel may decline by P0.10 to P0.35 per liter, while that of kerosene may be slashed by P1 to P1.10 per liter.

The price of gasoline, however, may see an increase of about P0.10 per liter.

Romero explained that this week’s price adjustments were due mainly to “easing of concerns” over shipping disruptions, while Russia’s oil output was expected to “hold steady” in 2024.

READ: Oil prices slide as Red Sea transport disruptions ease

Russia likewise diverted its oil exports from Europe to India and China, she said.

Local oil firms raised the price of gasoline by P1.60 per liter, diesel by P1.70 per liter and kerosene by P1.54 per liter in the last week of 2023.

This resulted in a year-to-date net increase of P12.60 per liter for gasoline, P5.65 per liter for diesel and P1.24 per liter for kerosene.

DOE data show that prevailing retail pump prices in Metro Manila ranged from P52.25 per liter to P77.40 per liter as of Dec. 28.