More distributors cut pump prices starting 6 am on Monday, and by P1.25 to P1.30 per liter of gasoline, P1.10 per liter of diesel and P0.80 per liter of kerosene.
Meanwhile, Senator Win Gatchalian said Sunday he supports the suspension of the second round of increase in the fuel excise tax under the TRAIN Law.
“I am glad that the President has already approved this,” he said.
Senator Benigno Aquino said he hoped the government’s move was an indication of its willingness to eventually remove all of the excise taxes on fuel under its tax reform program, which could lead to lower commodity prices.
The suspension of additional taxes this January is very important, but it is also equally important to remove the taxes that are currently being imposed.
Pilipinas Shell, Seaoil Philippines, Unioil Philippines and PetroGazz announced their respective price cuts effective Nov. 19.
“Seaoil will adjust its pump prices as follows: gasoline: P1:30 per liter; diesel: P1.10, per liter; kerosene: P0.80 per liter. This is to reflect the movements in the international petroleum market,” the oil firm said.
Chevron Philippines, which markets the Caltex brand in the country, implemented a slightly lower rollback of P1.25 per liter of gasoline.
The price cut followed the earlier announcement of Phoenix Petroleum Philippines of implementing a P1.30 rollback per liter of gasoline and P1.10 per liter of diesel effective at 12 noon on Saturday, the sixth consecutive weekly rollback to reflect the movement of world oil prices.
The latest price rollbacks come even as the government has decided to suspend the implementation of the second phase of the excise tax by January 2019 as part of it ongoing tax reform program.
Gasoline in Metro Manila now sells from P45.70 to P59.30 per liter while diesel sells from P41.50 to P50.29 per liter.
World oil prices have been going down amid ample supply but a weak market. With Macon Ramos-Araneta