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Manila Bulletin devider Business devider The Economy devider Fuel rollback looms as global demand softens

Fuel rollback looms as global demand softens

Published Dec 19, 2025 10:16 am  |  Updated Dec 19, 2025 02:46 pm
Motorists may see a reprieve at the pump next week as oil prices are projected to decline for another round of rollbacks.
Based on the four-day trading average of the Mean of Platts Singapore, gasoline prices are expected to decrease by ₱0.60 to ₱0.80 per liter, while diesel may drop between ₱1 and ₱1.20 per liter.
Kerosene is anticipated to see the sharpest decline, falling by approximately ₱1.75 per liter.
The downward trend is largely driven by growing optimism over a potential ceasefire between Russia and Ukraine, according to the Department of Energy’s Oil Industry Management Bureau and Jetti Petroleum.
Rodela Romero, director of the OIMB, said the bearish market sentiment throughout the week was fueled by robust global supply and sluggish demand, which have overshadowed temporary price spikes caused by geopolitical conflict.
While the prospect of peace talks has pressured prices lower, the U.K. recently introduced 24 new sanctions targeting four Russian oil companies and illicit trading networks.
Sanctions Minister Stephen Doughty said in a government report that the move is intended to cripple Russia’s war efforts and compel the country to finalize ceasefire negotiations.
Leo Bellas, president of Jetti Petroleum, noted that a successful resolution could eventually restore disrupted Russian supply flows, further easing oversupply concerns that have pushed prices down.
Additional downward pressure is coming from the refining sector, where several facilities are resuming normal operations following seasonal maintenance.
Bellas explained that the return of these refineries is alleviating concerns over tight fuel supplies. Furthermore, Chinese refineries are expected to increase output following the renewal of crude import quotas, coinciding with a seasonal decline in global gasoline demand during the winter months.
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