Oil Price Rollback Expected Next Week Following Recent Hikes, DOE Says

DOE Announces Possible Oil Price Rollback on Tuesday (January 28, 2025)

The Department of Energy reported that an oil price rollback is expected next week following recent hikes.

Filipino motorists can breathe a sigh of relief as fuel prices are set to decrease next week after three consecutive rounds of price hikes earlier this year. The Energy Department has announced that price reductions are expected across gasoline, diesel, and kerosene.

Based on the DOE’s projections, gasoline prices may drop by P0.70 to P1.00 per liter, diesel could see a decrease of P0.20 to P0.55 per liter, and kerosene prices might go down by P0.40 to P0.50 per liter starting Tuesday (January 28, 2025).

These adjustments come as international trading stabilizes, with recent developments influencing market trends. The rollback in prices follows the reopening of refineries and ports in the U.S. Gulf Coast after temporary closures caused by a winter storm.

Additionally, global markets are weighing the potential effects of newly proposed tariffs on economic growth and energy demand, which have played a role in these changes.

Since the start of the year, gasoline prices have risen by P3.45 per liter, while diesel and kerosene have seen cumulative hikes of P5.00 and P4.30 per liter, respectively. Such changes have added financial pressure to consumers, particularly in the transportation sector.

While the rollback is good news for motorists, the final adjustments will be confirmed on Monday (January 27, 2025). It is hoped that this decrease will provide some relief from the earlier strain caused by price hikes, easing the burden on drivers and commuters as January comes to an end.

This is a developing report, just visit this website regularly or refresh the page for further updates.