By Myrna M. Velasco
Before the major price spikes on additional excise taxes will come at retail pumps, Filipino consumers will still have financial relief this week because of modest rollbacks in pump prices.
The oil companies announced price cuts of ₱0.20 per liter for diesel; ₱0.30 per liter for kerosene; and there had been no price change for gasoline products.
As of press time, the oil firms that already announced price adjustments had been Pilipinas Shell Petroleum Corporation, Cleanfuel, Seaoil, PetroGazz, Total and Flying V – effective on Tuesday (January 14). Their competitor-industry players are expected to follow.
This week’s price trends had been a reverse of initial expectations because of the United States-Iran tension; but such simmered down latter days of last week resulting in precipitous slide in prices in the world market.
In the coming days and weeks, the next big development to watch out for will be the implementation of the last tranche of increases in excise taxes for petroleum products, when the oil firms’ old inventories would already run out.