MANILA, Philippines – Oil companies reduce gasoline prices effective today to snap the weekly rate increase that started in July.
Petron Corp., Chevron Philippines Inc., Seaoil Philippines Inc. and Total Philippines Corp. slashed prices of premium gasoline by 90 centavos and regular gas by 20 centavos.
Independent oil player Unioil Petroleum Philippines cut the prices of premium and unleaded gasoline by P1 per liter.
“This is to reflect price movements in the international petroleum market,” Seaoil said.
The oil companies did not adjust prices of diesel and kerosene.
Major and independent oil firms rolled back prices of premium gasoline by 45 centavos per liter last week.
However, the firms jacked up prices of regular gasoline, diesel and kerosene by 25 centavos, 75 centavos and 60 centavos per liter, respectively.
The consecutive price increase prompted the Alliance of Concerned Transport Organizations to file a petition for a P2 increase in the minimum fare of passenger jeepneys that would hike the minimum fare from the current P8 to P10.
Year-to-date, net increase for gasoline hit P3.08 per liter while diesel recorded a net increase P1.97 per liter, data from the Department of Energy (DOE) showed.
Under Republic Act 8479 or the Downstream Oil Industry Deregulation Act of 1998, oil firms can set the prices petroleum products based on market forces to encourage competition.
The deregulation law also prohibits the government from intervening or influencing the pricing schemes of the oil companies.
However, the government, through the DOE, has the power to monitor prices. For monitoring purposes, the DOE has requested the firms to report to the department any price adjustments.