"The second pump price adjustment of 18-20 centavos per liter predicted for the week beginning July 23 will not push through," group chairman Raul Concepcion said.
He explained local oil companies have no reason to adjust prices by the end of the month because of two international factors.
"Crude prices have gone down as a result of Iraq’s decision to resume production and the lower-than-expected demand this summer for gasoline in the US," Concepcion said.
He noted that the average price of Dubai crude has dropped by $1.83 per barrel to P23.82 as of July 13.
Earlier, however, major oil companies agreed to raise prices on a staggered basis as requested by Energy Secretary Vincent Perez.
On July 1, Petron Corp., Pilipinas Shell Petroleum Corp. and Caltex Phils. Inc. raised pump prices by an average 37 centavos per liter. The adjustments were much lower than the 50 to 90 centavos initially announced by the oil companies.
Industry experts expect the companies to make smaller but more frequent adjustments in the future.
However, the oil companies indicated that so far, they are not planning any new adjustments.
"We have no plans yet on product price changes," Petron corporate communications manager Virginia Ruivivar said.
"We have not decided yet. There are no scheduled adjustments," Shell spokesman Reynaldo Gamboa said.