MANILA, Philippines - After seven consecutive weeks of oil price hikes, one oil company cut the prices of gasoline and diesel by 50 centavos effective midnight, as other firms are expected to follow suit.
Only Flying V has announced that it would roll back gas and diesel pump prices by 50 centavos.
Other oil firms have yet to make their respective announcements.
The Department of Energy (DOE), however, said oil companies are expected to announce their respective price cuts.
Zenaida Monsada, director of DOE’s Oil Industry Management Bureau, said consumers could expect a rollback in the coming days.
“Definitely no price increase is expected,†Monsada said.
In its advisory yesterday, Flying V said prices of oil in the global market have eased, translating to a corresponding decline in local pump prices.
An oil price rollback is a welcome reprieve for consumers and motorists as oil firms have so far raised oil prices for the past seven weeks and for four times this June.
Early this week, oil companies including Petron Corp., Pilipinas Shell, Chevron Philippines, Seaoil Philippines and Total Philippines raised local pump prices by 45 centavos per liter and diesel and kerosene by 90 centavos per liter.
The oil firms cited movements in the international oil market and foreign exchange rate.
The week before, oil firms implemented a P1.05 per liter increase for gasoline prices, diesel by P1.45 and kerosene by P1.30 per liter.
The oil price increases came on the back of rising electricity and water rates.