OIL companies lowered fuel prices today, Dec. 31, with kerosene having the biggest cut following expectations of oversupply in the oil market.Shell, PetroGazz, CleanFuel, Seaoil, Caltex, Jetti Petroleum and Flying V cut diesel and gasoline prices by P0.30 centavos per liter.Shell, Seaoil, Caltex and Flying V lowered kerosene prices by P0.90 centavos per liter.Department of Energy Oil Industry Management Bureau Director Rodela Romero said the adjustment was triggered by the International Energy Agency's continued expectation of an oversupplied oil market in 2025 even if the Organization of the Petroleum Exporting Countries Plus decided to hold production steady or continue to delay the unwinding of its voluntary production cuts.On Dec. 24, oil companies raised the prices of gasoline, diesel and kerosene by P0.50, P1.45 and P0.75 per liter, respectively.On a year-to-date basis, the total adjustment of gasoline and diesel now stands at a net increase of P12.75 per liter and P11 per liter, respectively.On the other hand, kerosene has a total net decrease of P2.70 per liter.
