P3 per liter diesel rollback seen next week

MANILA, Philippines — December is poised to open with a sharp drop in diesel and kerosene prices, as markets react to renewed Ukraine-Russia ceasefire hopes.

Oil industry experts forecast a potential rollback of P3 to P3.20 per liter for diesel and roughly P3 per liter for kerosene.

Gasoline prices, meanwhile, may either remain unchanged or increase by P0.10 per liter.

The estimates were based on the four-day trading in the Mean of Platts Singapore, a pricing benchmark used for petroleum products.

Final price adjustments will be announced on Monday and will take effect the following day.

Ukrainian President Volodymyr Zelensky said on Thursday that Ukrainian and American delegations are set to meet this week to lay out a pathway toward ending the conflict with Russia.

The possible US-brokered peace deal between Kyiv and Moscow “could lift Western sanctions on Russian oil,” Rodela Romero, assistant director at the Department of Energy, said.

The development comes as sanctions on Russian oil giants Rosneft and Lukoil remain in place, with the invasion in Ukraine now approaching its fourth year.

For gasoline, Jetti Petroleum president Leo Bellas said Asian prices have eased slightly, but elevated premiums and freight persist amid a tight supply-demand balance.