Diesel Prices to Drop by P2.90 per Liter in December Amid Mixed Fuel Price Adjustments

The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) announced that diesel prices will experience a rollback of P2.90 per liter beginning December 2, halting a continuous series of weekly increases. In contrast, kerosene prices will drop significantly by P3.20 per liter, while gasoline prices will rise modestly by P0.20 per liter, negating last week’s P0.20 reduction.

These adjustments stem from evolving global market conditions influenced by peace negotiations between Ukraine and American officials seeking a possible resolution with Russia. Assistant Director Rodela Romero explained that ongoing discussions may lead to the easing of sanctions on Russian oil, which remains a key element in global supply.

The United States has proposed a ceasefire plan requiring Ukraine to relinquish control over some eastern territories and refrain from joining NATO. In return, the U.S. would pledge military support should Russia launch further attacks. This 28-point proposal also includes lifting sanctions on Russia and allocating $100 billion of frozen Russian assets to Ukraine’s reconstruction, alongside establishing a long-term U.S.-Russia partnership.

However, while the peace plan has been welcomed by former U.S. President Donald Trump, Ukraine has reportedly declined to concede any lands currently outside of Russian control. Meanwhile, President Vladimir Putin has shown limited willingness to compromise, continuing drone strikes on Kyiv during the plan’s development.

Last week, diesel prices increased by P0.60 per liter and kerosene rose by P1.30 per liter, bringing their year-to-date increments to P21.75 and P6.75 per liter, respectively. Gasoline remains at a historic high of P19.90 per liter.

According to DOE’s fuel price monitoring in Metro Manila from November 25 to December 1, average prices are as follows:

• Gasoline (RON97/100): P66.96 per liter
• Gasoline (RON95): P57.00 per liter
• Gasoline (RON91): P55.50 per liter
• Diesel: P60.65 per liter
• Diesel Plus: P63.55 per liter
• Kerosene: P82.85 per liter

Certain stations in Metro Manila report gasoline prices ranging from P49 to P80.38 per liter and diesel prices as high as P77.29 per liter, indicating some variability in local fuel costs.