Oil companies to implement rollback on Monday

By: Zena Magto October 21,2018 - 04:14 PM

Oil companies are set to implement a rollback in the prices of gasoline at 6 a.m. on Monday (October 22).

Gasoline prices will be reduced by P1.60 to P1.90 per liter, and P0.90 to P1 per liter for diesel.

Some oil companies will implement a P0.90-rollback for kerosene products.

Although transport group Pinagkaisang Samahan ng mga Tsuper at Operator Nationwide (PISTON) welcomes the rollback, Greg Perez, its Cebu Coordinator, said that it is only with the repeal of the Oil Deregulation Law and the removal of excise tax in the Tax Reform for Acceleration and Inclusion (TRAIN) law that prices of gasoline and other oil products will decrease.

“Sukwahi kana sa atong panawagan nga dapat ang gobyerno ang maghimo og lakang nga ibasura na ang Oil Deregulation Law, pag wagtang sa excise tax sa lana para naay tinood nga pag ubos sa presyo niini,” Perez said in a text message to Cebu Daily News.

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TAGS: inflation, price increase, tax, Train Law
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