Metro Manila, Philippines – Cheaper fuel prices will greet motorists on the last day of 2024.
On Monday, Dec. 30, oil firms such as SeaOil and Cleanfuel announced a P0.30 cut in gasoline and diesel costs.
Kerosene prices, meanwhile, will go down by P0.90 per liter.
Oil companies carried out price hikes on Christmas week, citing a stronger dollar and the fall of US crude oil stocks.
The Department of Energy earlier said this week’s rollback is “triggered by the IEA’s (International Energy Agency) continued expectation of an oversupplied oil market in 2025 even if OPEC+ (Organization of the Petroleum Exporting Countries Plus) holds production steady or continues to delay the unwinding of its voluntary production cuts”.
