Manila: Oil firms will implement a rollback of as much as PHP1.60 per liter on Tuesday on oversupply expectations in the first quarter of 2026.

According to Philippines News Agency, Seaoil and Jetti Petroleum announced that gasoline prices would be reduced by PHP0.80 per liter and diesel by PHP1.30 per liter, starting at 6 a.m. on December 23. Additionally, Seaoil will decrease kerosene prices by PHP1.60 per liter.

Caltex has also confirmed it will lower gasoline prices by PHP0.80 per liter, diesel by PHP1.30 per liter, and kerosene by PHP1.60 per liter, with changes effective at 6:01 a.m. on the same day. These adjustments are prompted by the oversupply forecast in the coming weeks and expectations for a possible Russia-Ukraine ceasefire.