Local oil firms have now imposed two of three announced weekly price hikes, but that does not mean the third salvo would be their last one for the year.

This as the Flying V Philippines Vice President for Network Retail Operations Joey Cruz hinted at the possibility of more price increases after it implements the third post-Executive Order (EO) 839 hike sometime next week. According to oil executives, the three-week EO which directed oil firms to keep their pump in Luzon at October 15 price levels led to sales losses of around P5 a liter. The petroleum companies are aiming to recover their losses through the “staggered” hike, which they said would amount to P5 a liter.

Apparently, oil firms have yet to reflect adjustments in the world market after the oil price freeze was lifted. “Those figures have yet to undergo reckoning,” Cruz said.

Domestic pump prices are customarily adjusted weekly, based on movements in the world market. World crude costs have fluctuated within the $70 to $80-per-barrel range the past two months.

The EO — handed down by Malacañang to help communities recover from the devastation caused by recent typhoons — was revoked last November 16. Two days later, small and big oil players jacked up retail prices by as much as P2.

The same firms added another P1.50 last November 24, bringing their accumulated hike to P3.50 a liter. Diesel and gasoline (unleaded) prices currently stand at P31 and P40, respectively.

While pump prices are expected to rise further, the Liquefied Petroleum Gas Marketers Association (LPGMA) has promised to impose just one adjustment for the month of December.