The chairman emeritus of the Independent Philippine Petroleum Companies Association (IPPCA) estimates gasoline prices would be rolled back by P4.90 a liter while diesel prices will go down by P2.10.

Fernando Martinez made this forecast on Monday over dzBB.

Oil Industry Management Bureau director Rino Abad, from the Department of Energy (DOE), said over the weekend that pump prices would decrease by more than P2 per liter.

Oil companies last Tuesday cut back on gasoline prices P5.70 per liter and diesel prices by P6.10 per liter

On whether there will be another round of oil price rollbacks next week, Martinez said the price trend could be seen on Wednesday.

“On Wednesday, you can immediately see if the (oil price rollback) will continue especially since China’s economy is taking a hit which led to the decline in their consumption (of fuel),” he said. Jaspearl Tan/DMS