The Independent Philippine Petroleum Companies Association (IPPCA) said that the increasing prices of oil in the world market also alarmed the Organization of the Petroleum Exporting Countries (OPEC).

Dr. Fernando Martinez, chairperson emeritus of IPPCA, explained on Monday, July 18, that OPEC fears that the series of price hikes will reduce the reliance of various countries to oil, and encourage the use of alternative energy resources.

"Hindi rin pwedeng masyadong tumaas iyan. Dadami ang electric cars," Martinez said during DZRH's Damdaming Bayan.

On Monday, local oil companies announced that the pump prices of gasoline will go down by Php 5.00 per liter, diesel will drop by Php 2.00 per liter, and kerosene will roll back by Php 0.70 per liter.