OIL companies are set to implement a P0.20 to P0.30 oil price rollback in diesel this week, according to oil industry insiders.
The insiders, however, could not say whether pump prices of gasoline and kerosene will also be affected or will remain the same.
The rollback in pump prices of diesel is expected to be announced today and would take effect Tuesday, the insider claimed.
The impending rollback is allegedly due to movement of oil prices in the world market.
Last week oil companies implemented a big time oil price hike or P1.50 per liter in gasoline, P1.40 for diesel and P1.20 for kerosene.
The increase came a week ahead of the agreement reached by Organization of Petroleum Exporting Countries (OPEC) to cut down production to keep oil prices stable in the world market.
Energy Undersecretary Willian Fuentebella admitted that with the agreement, oil prices are expected to increase but such would be felt until the end of the year but by middle of the month of January next year.
He, however, stressed that other factors, such as the peso exchange rate against the dollar, should also be considered, and not only the effect of the principle of supply and demand following the OPEC agreement that would affect oil prices in the country.