The last two months of 2009 is turning out to be a reversal of fortune for consumers compared to last year as far as domestic fuel prices go.

After all, it was the months of November and December 2008 that oil companies, particularly small player Unioil Philippines, enforced “big-time” rollbacks at the station gas pumps amounting to P13 a liter for gasoline; P8 for diesel and P7 for kerosene.

Rival oil firms including industry giants Pilipinas Shell, Petron Corp. and Chevron Philippines followed suit with substantial rollbacks of their own to keep their prices competitive. By the end of 2008, fuel prices have been reduced for 12 straight weeks.

The huge price drops resulted from the monumental plunge in world crude price, which began from an all-time high of over $147 a barrel in July that year to less than $50 come Christmas time.

By then, gasoline (unleaded) prices stood at an average of P31 a liter and diesel at P30 a liter.

On the other hand, cooking gas retailed last year for as low as P440 per 11-kilo cylinder, thanks to an accumulated P15 per kilo reduction implemented by the Liquefied Petroleum Gas Marketers Association (LPGMA) from November to December 2008.

As consumers and motorists yearn for the less pocket-bruising prices of last year, oil companies are looking to jack up pump prices for the second time in as many weeks. Shell, Petron, Flying V, Eastern Petroleum and Phoenix Petroleum hiked gasoline price by as high as P1.50 a liter and diesel by P2 a liter.

The same oil firms have bared plans to impose at least two more price increases to recover the alleged losses they incurred during the Palace-ordered fuel price freeze in Luzon which ran from October 23 to November 16.

Handed down by President Gloria Macapagal Arroyo in the aftermath of destructive typhoons, the no-hike order kept unleaded price nailed at P37 a liter and diesel at P28 a liter. Oil firms are looking to add P5 a liter to their products.

While they promised not to increase prices this month, the LPGMA has “guaranteed” a hike come December due to a continued uptrend in world contract numbers.