More oil players cut pump prices big time

Yet another round of fuel price reductions awaits Filipino motorists as oil companies announced major rollbacks in the pump prices of their petroleum products effective Sunday and Monday.

Independent oil players Unioil and Clean Fuel announced they would slash the prices of gasoline by P2 per liter, and diesel by P0.90 per liter. 

The adjustments will take effect at 6 am today.

But the Pasang Masda transport group on Saturday said the government should not take back its plan to suspend fuel excise taxes next year and its fare hike approval because of this week’s “big-time” oil price rollback.

On GMA News TV’s “Balitanghali” beamed nationwide, Pasang Masda president Obet Martin was asked to weigh in on statements from Department of Finance officials indicating it was no longer necessary to suspend the second tranche of fuel excise taxes after the price of crude breached $80 per barrel. 

Martin argued the oil prices could still shoot up.

He also defended the recently-approved fare hike petition which would hike the minimum fare for jeepneys to P10 starting next month.

He doubted the community of PUV operators would agree to a “bawas-pasahe” scenario even if oil prices continued to drop.

Meanwhile, major players Pilipinas Shell, Petron Corp, and PTT Philippines said they would cut the prices of gasoline by P1.85 per liter, diesel by P0.90/liter starting 6 am Tomorrow.

Petron will roll back the price of kerosene by P.90 per liter, while Shell will reduce its kerosene price by P0.95 per liter.

“Price adjustments reflect movements in the international oil market,” Petron said.

Phoenix Petroleum and Petro Gazz, on the other hand, implemented price rollbacks of their diesel and gasoline products during the weekend.

READ: Senate looks into oil tax, TRAIN

Topics: fuel price , Unioil , Clean Fuel , Pasang Masda , Pilipinas Shell , Petron Corp , PTT Philippines
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