Independent Philippine Petroleum Companies Association (IPPCA) Chairman Fernando Martinez said Thursday that they do not expect another fuel price rollback this month.

And if it is any consolation for rollback-seeking consumers, the IPPCA chair also does not see pump prices shooting up before year’s end, either.

Martinez had also declared this week that the oil industry is back on its feet after incurring alleged millions of pesos in losses during the three-week long fuel price freeze imposed by the government.

Last December 14, local oil firms shed P1 a liter on diesel and kerosene and another 50 a liter centavos on gasoline.

They then slashed 75 centavos off diesel and half a peso on gasoline and kerosene seven days later.

Fuel price watchdog Consumer and Oil Price Watch (COPW), which is chaired by Raul Concepcion, earlier this week reckoned that oil companies should roll back prices by at least P1.50 a liter this December, citing the downturn in world market prices.

Before the back-to-back price cuts, oil firms imposed three straight price hikes amounting to P4.50 in order to recover their losses.

This month’s pair of cutbacks actually came as a surprise since other independent players have hinted at implementing more price increases ‘to reflect movements in the world market.”

Malacañang, in response, ordered the Department of Energy (DoE) under Secretary Angelo Reyes to go after the oil firms that would still jack up prices despite the world market decline.