By Myrna M. Velasco
Following six-time hikes in pump prices, it will be a reverse course this week with diesel prices going down by P1.30 per liter; and gasoline by P1.00 per liter.
In the pricing adjustment advisory of the oil companies, it was indicated that the cost of kerosene will also be reduced by P0.85 per liter this week.
The price rollbacks will be effective today (February 13), either 12:01 a.m. or 6:00 a.m., depending on the pricing notices sent by the oil firms to their dealers and retail networks.
As of press time, the oil firms that already advised on price reductions had been Eastern Petroleum Corporation, Pilipinas Shell Petroleum Corporation, and Phoenix Petroleum Philippines Inc.; hile the rest of the industry are expected to follow.
This week’s cut in pump prices followed a downward swing in global oil prices, a key factor influencing the cost of petroleum products in the Philippines.
In the whole month of January, it had been a financially punishing climb of up to P5 per liter in pump prices – aggravated mainly by the enforcement of new taxes under the Tax Reform for Acceleration and Inclusion (TRAIN) of the Duterte administration.
The Department of Energy (DOE) also announced last week that it will be enforcing a new policy requiring the oil firms to publicly announce their price adjustments and to unbundle their cost components so the public be properly apprised.