Fuel prices rolled back

Published August 3, 2020, 5:03 PM

by Myrna M. Velasco

Filipino consumers will experience slight relief on their fuel budgets this week as the price of diesel products will be on rollback by P0.30 per liter; while gasoline prices will be down by P0.25 per liter.

The price of kerosene, which is another important commodity for households and industries, will also be marginally reduced by P0.15 per liter.

As of this writing, the oil companies that already sent notices on rollbacks for prices at their pumps had been Pilipinas Shell Petroleum Corporation, Seaoil, Cleanfuel, PetroGazz, PTT Philippines and Total effective Tuesday (August 4); while industry competitors are anticipated to go along with their pricing leads.

But since Metro Manila and some provinces are back on the stricter modified enhanced community quarantine lockdown, it is seen that many motorists will not benefit fully from this round of price cuts.

The Department of Energy (DOE) similarly indicated that most oil companies will revert this week to prices without the cost-impact of the previously-imposed 10-percent import duty on crude and finished petroleum products.

The department explained that the oil firms already used up their inventories with the higher import duty, so they can now go back to their prices without the P1.50 to P1.70 per liter increase attributed to the fuel import levy; which in effect will be a cost reduction to consumers.