MANILA, Philippines (UPDATE) – Further reductions in fuel pump prices may be implemented in the coming weeks following cuts in international oil prices, the Energy department said.
This comes after independent player Flying V announced a fresh round of oil price rollbacks on Saturday, cutting gasoline prices by P1.50 per liter and diesel prices by P1 per liter.
"Mukha pong may dagdag pa. Asahan natin na mas malaki pa ho ng kaunti d'yan," Energy Undersecretary Jay Layug said.
From Monday to Thursday alone, imported gasoline prices declined by P2.30 per liter, while diesel prices went down by P1.40 per liter.
Layug also noted that the oil price rollback announced this weekend shows there is no truth to the common notion among motorists that fuel pump prices go up during the All Saints Day long weekend.
"Nagkakataon lang po (yung pagtaas ng presyo ng gasolina tuwing Undas). Pero alam niyo, yung dalawang taon na nakita namin, in fact po bumaba (ang presyo)," Layug said.
The rollback was welcomed by transport group Pasang Masda although its President Roberto Martin called for the immediate implementation of further oil price cuts.
"Ibigay niyo na ngayon na... Kasi pagpataas (ang presyo) bigla kayong hihirit," Martin said.
Transport groups' petition for a hike in the minimum jeepney fare has also been temporarily shelved as a result of the rollback in fuel pump prices.
Big oil companies Petron and Shell, as well as other independent players, also announced on Saturday that they will roll back prices of its fuel products starting Monday.