By Myrna M. Velasco

Against the backdrop of escalating excise taxes, the country’s oil companies have implemented rollback in pump prices at the scale of ₱2.00 per liter for diesel; and ₱1.60 per liter for gasoline products.

201011 oil price hike01 balmores - Big rollback in pump prices, LPG today

(MARK BALMORES / MANILA BULLETIN FILE PHOTO

The price of the other socially sensitive petroleum commodity kerosene had also been brought down by ₱2.45 per liter, based on price adjustment notices already sent by the oil companies.

As of this writing, the oil firms that already reduced pump prices include Phoenix Petroleum Philippines, Inc., Pilipinas Shell Petroleum Corporation, Cleanfuel, Seaoil, PetroGazz, Total and PTT Philippines – with enforcements from Saturday (February 1) to Tuesday (February 4) this week.

In addition, the oil firms implemented ₱2.20 per kilogram rollback in liquefied petroleum gas (LPG) or ₱24.20 for the standard 11-kilogram cylinder last Saturday (February 1).

This has been lower than initial estimates, but the LPG players said this is in keeping with the movement of international contract prices, primarily anchored on Saudi Aramco’s pricing.

The LPG firms that advised on price cuts had been Petron Corporation for its Gasul brand; Phoenix Petroleum for its “Super LPG”; and Isla Petroleum and Gas Corporation for its Solane brand.

In parallel, Petron and Phoenix Petroleum announced that they also trimmed the price of their autoLPG products, which is an alternative fuel for vehicles, by ₱1.25 per liter.

Meanwhile, the big time rollback in pump prices this week had been well anticipated with the nosedive in prices in the world market following “uncertainties” posed by the global coronavirus epidemic.

The Department of Energy (DOE) previously indicated that most of the oil firms will be enforcing the higher excise taxes on petroleum products first week of February, hence, the massive price cuts may not be fully enjoyed by consumers.

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