Fuel price cut seen amid possible higher Venezuelan output

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January 10, 2026 | 12:00am

MANILA, Philippines — Domestic pump prices are expected to fall next week, as plans to sell up to 50 million barrels of Venezuelan oil have fueled concerns over global oversupply.

After four days of trading in the Mean of Platts Singapore, local industry experts said diesel could drop by P0.10 to P0.30 per liter, while gasoline may hold steady or dip by P0.20 per liter.

Kerosene prices, meanwhile, could go down by around P0.25 per liter. This estimate does not yet include oil firms’ operating costs and other premiums.

“Oil prices edged lower this week as markets weighed the possibility of higher Venezuelan crude output, reinforcing expectations of ample global supply amid weak demand,” Rodela Romero, assistant director at the Department of Energy, said.

Romero said traders were also closely watching policy signals from OPEC+ and other measures intended to support the market.

Earlier this week, US president Donald Trump announced that Caracas would deliver 30 to 50 million barrels of sanctioned oil to Washington.

“This oil will be sold at its market price, and that money will be controlled by me… to ensure it is used to benefit the people of Venezuela and the United States,” Trump said in a social media post, days after the US bombed Venezuela and toppled its former authoritarian left-wing leader, Nicolas Maduro.

Even with early estimates suggesting relief, yesterday’s trading may still overturn expectations.

Jetti Petroleum president Leo Bellas said worsening geopolitical developments could “swiftly overturn the bearish market and push prices to the upside,” potentially diminishing or even wiping out the anticipated rollback next week.

Final price adjustments will be announced on Monday and will take effect the following day.