No rollback for diesel, gas next week?

By Alvin Elchico, ABS-CBN News

Posted at May 31 2012 05:31 PM | Updated as of Jun 01 2012 06:31 PM

MANILA, Philippines - Motorists may see an end to the series of price rollbacks for diesel and gasoline.

Based on initial data from sources, gasoline is already up by around P0.15/liter and diesel by P0.05/liter based on the first 3 days of trading in the international market.

Department of Energy director Zenaida Monsada said they are still hoping that international prices will still go down in the last two days of trading so that the series of oil price reduction is not broken.

Diesel and gasoline prices have been going down in the last 8 weeks. Diesel has already decreased by P5.91/liter eclipsing the price spikes of P5.56/liter since the start of the year.

Gasoline prices on the other had decreased by P5.15/liter in the last 8 weeks.

But the total hike since the beginning of the year is still P7.20/liter.