More oil distributors are expected to cut pump prices on Tuesday after Cleanfuel and Phoenix Petroleum Philippines announced a price rollback of P1 per liter of diesel and P0.80 per liter of gasoline over the weekend.
Phoenix implemented its price cut starting at 6 a.m. on Saturday while Cleanfuel rolled back its prices at 4:01 p.m. on Sunday.
Unioil Philippines expects diesel prices to go down by P0.90 to P1 per liter and gasoline by P0.40 to P0.50 per liter.
Oil companies usually adjust pump prices every Tuesday, but some make adjustments earlier.
Laban Konsyumer Inc. president Victorio Dimagiba said Friday the international movement of oil prices indicated a possible downward trend as confirmed by an oil player.
“According to one oil company, a rollback of diesel prices will from P0.85 to P1.10 a liter. Gasoline should [prices should go down] by P0.75 to P1 per liter,” Dimagiba said.
This would the second consecutive oil price rollback as the oil firms cut the price of gasoline by P1.45 to P1.55 per liter and diesel by P0.50 to P0.60 per liter from Sept. 29 to Oct. 1.
Meanwhile, 13 oil companies issued show-cause orders to explain why their oil price cuts were lower than government computations and why their increase in the price of cooking gas was higher than expected.
Energy Secretary Alfonso Cusi earlier said the show-cause orders would provide the companies the opportunity to explain how they arrived at their respective oil price rollback calculations.
The department declined to name the 13 oil companies but gave them until Oct. 7 to formally respond to the government order.
