Further pump price cuts seen: DOE

Posted at 04/19/2012 1:39 PM | Updated as of 04/19/2012 6:59 PM

MANILA, Philippines - Motorists can expect another oil price rollback soon, as imported fuel prices continue to soften.

From Monday to Wednesday this week, the equivalent decrease is around P0.40 for gasoline and P0.49 for diesel. Department of Energy (DOE) director Zenaida Monsada said the trend was consistently downward in the first 3 days for gasoline. However, imported diesel slightly went up Wednesday.

The DOE is hoping that the trend will continue to go down so that motorists will benefit from further price reductions.

On April 10, oil companies implemented a P0.50 per liter rolback in diesel, which was followed by a P0.90 reduction last week.

In case it pushes through, this will be the third straight price cut for diesel and second straight rolback for gasoline.

While the DOE is happy about the trend, it also worries that further reductions will again tempt motorists to go back to their wasteful ways in using fuel.

Since prices are still generally volatile, Monsada advised motorists to still be conscious of changing their habits to save on fuel supply and expenses.