Energy Sec. Alfonso Cusi is looking at oil prices rolling back in the coming months as global oil prices gradually normalize.
In a televised interview on Wednesday morning, Cusi said that oil prices in the world market are correcting.
The secretary made his remarks amid the series of pump price increases, with the ninth consecutive weekly hike on Tuesday.
He added that the price of diesel has stabilized and that “very little” adjustments are needed for gas.
Oil prices have gone over $80 a barrel, the highest since October 2018, when prices were just under $90.
Cusi said that Pres. Rodrigo Duterte has approved a Php1 billion fuel subsidy for public utility vehicle drivers.
In a bid to lower fuel prices, the Department of Energy (DOE) has asked Congress to amend Republic Act 8479 or the Oil Deregulation Law. Since revising a law takes time, the DOE is seeking that the proposed amendment be certified as urgent. Aside from this, the agency is looking to suspend value added and excise taxes on petroleum products.