FUEL PRICE ROLLBACK ON SUNDAY, MONDAY: How to ‘truly’ decrease fuel prices

As independent and major oil companies implement another round of fuel price cuts on Sunday (Oct. 21) and Monday (Oct. 22), a transport group believed that only with the repeal of the Oil Deregulation Law and the removal of excise tax in the government’s new tax reform law could prices of fuel would “truly” decrease.

Greg Perez, Pinagkaisang Samahan ng mga Tsuper at Operator Nationwide-Cebu (Piston-Cebu) coordinator, said in Cebuano in a text message he sent to Cebu Daily News on Sunday that the rollback in fuel prices was just how big oil companies were playing the market.

“Kabahin sa pag ubos sa lana sa atong nasud, wala gyod dili uyon ana. Pero ang problema ana sa ato karon kay dula rana sa dagkong oil company (On the rollback of prices of fuel in our country, no one is against that, but the problem is that it is just the fuel companies playing the market),” said Perez.

He reiterated the group’s stand that only through the repeal of the Oil Deregulation Law and the removal of excise tax on fuel in the Tax Reform for Acceleration and Inclusion (TRAIN) Law could there be a true rollback of the price of fuel.

According to a GMA report, independent oil players Unioil and Clean fuel would slash the prices of gasoline by P2 per liter and diesel by P0.90 per liter on Sunday (Oct. 21).

Major oil players Pilipinas Shell, Petron Corp. and PTT Philippines would slash their gasoline prices by P1.85 per liter and diesel prices by P0.90 per liter on Oct. 22, Monday.

Petron would also cut kerosene price by P0.90 per liter while Shell would slash its kerosene price by P0.95 per liter.

According to a dyAB report, the fuel price rollback on Oct. 22 would be P1.85 per liter for gasoline, P0.90 per liter for diesel and P0.95 per liter for kerosene.

According to Petron in the GMA report, that the price adjustments would reflect the movements in the international oil
market.

Perez also said that he personally believed that the price rollbacks would not continue in the next few weeks.

He said that they would continue to appeal to the government to abolish the Oil Deregulation Law and the P3 excise tax on petroleum products under the Train Law.