Consumers can expect some savings to start the year as Petron Corp. and Solane announced rollbacks in the prices of liquefied petroleum gas (LPG) effective Jan. 1, 2025.
In an advisory, Petron said it implemented a P0.90/kilogram rollback in LPG prices starting 12:01 a.m. on Jan. 1.
Solane, in a separate advisory, also announced a price reduction of P0.91/kilogram effective 6 a.m. on the same day.
The price reductions are attributed to the lower international contract price of LPG for January.
On Monday, several petroleum companies also announced reductions in pump prices for gasoline, diesel, and kerosene, effective Dec. 31, 2024, welcome news for motorists after recent increases in fuel costs.
Shell Pilipinas implemented a P0.30/liter decrease for both gasoline and diesel, and a P0.90/liter reduction for kerosene, starting at 6:00 a.m.
PetroGazz also announced a P0.30/liter rollback for gasoline and diesel, effective at 6:00 a.m.
Cleanfuel implemented the same P0.30/liter reduction for gasoline and diesel, starting at 8:01 a.m.
According to the Department of Energy (DOE), the International Energy Agency’s (IEA) prediction of an oversupply in the oil market, even with potential production adjustments from the Organization of the Petroleum Exporting Countries Plus (OPEC+), was a key factor influencing fuel price adjustments.
Romero said the “adjustment is triggered by the IEA’s continued expectation of an oversupplied oil market in 2025 even if OPEC+ holds production steady or continues to delay the unwinding of its voluntary production cuts,” Romero said.