MANILA — Motorists could expect a price rollback for diesel and kerosene at the start of 2024, the Department of Energy (DOE) said on Friday.

Oil prices are expected to move after easing worries about shipping disruptions in the Red Sea, DOE Director of Oil Industry Management Bureau Rodela Romero told TeleRadyo Serbisyo.

Romero listed the following possible oil price adjustments next week, based on the four-day trading prices.

Gasoline - No movement or a “very small” increase

Diesel - P0.10 to P0.35 rollback

Kerosene - P1 to P1.10 rollback

Major shipping companies recently resumed transit through the Red Sea following efforts by a US-led naval coalition to police the maritime route against Yemeni rebel attacks.

The Iran-backed Houthis have repeatedly targeted vessels in the vital shipping lane with strikes in support of Palestinians in Gaza, where Israel is battling militant group Hamas.

US oil prices fell more than three percent despite a weekly inventory report that showed lower stocks of crude oil and gasoline.