Oil prices are expected to decline at the start of the new year, with gasoline, diesel, and kerosene seeing modest reductions, RH Jecelle Ricafort reports.

Rodela Romero, Assistant Director of the Department of Energy’s Oil Industry Management Bureau told DZRH that gasoline may drop by around P0.50 per liter, diesel by about P0.15 per liter, and kerosene by approximately P0.20 per liter.

Romero noted that these estimates are based on only three days of trading, as there was no market activity on New Year’s Day. He added that the projections do not yet account for oil companies’ operating costs or other premiums.

The expected price rollback is being driven by geopolitical sentiment, anticipated oversupply, subdued demand, particularly from major consumers such as China, and policies of the Organization of the Petroleum Exporting Countries (OPEC).