Manila, Dec. 19 -- Oil prices are projected to decline by as much as PHP1.20 per liter next week on forecast oversupply at least in the first quarter of 2026.

In an advisory, Jetti Petroleum president Leo Bellas said diesel prices are projected to be go down between PHP1.00 to PHP1.20 per liter and gasoline between PHP0.60 to PHP0.80 per liter based on foreign exchange rate movements and Asian benchmark rates as of Thursday this week.

"Oversupply concerns has caused oil prices to decline as the prospect of Russia-Ukraine ceasefire could lead to eventual restoration of disrupted Russian supply flows," he said.

He also noted that tight supply issues are easing "as refineries return from turnaround following maintenance."

"Furthermore, t...