Major price rollbacks set this week

MANILA: Local fuel players are set to conduct major price reduction on their products at the pump this week.

Based on their respective advisories, companies Shell, Petron, and Unioil will have the following pump price cuts starting tomorrow:

Company	Diesel	Gasoline	Kerosene
Shell	P23 per liter	P6.50 per liter	P11.50 per liter
Petron	P20.89 per liter	P4.43 per liter	P8.50 per liter
Unioil	P20.90 per liter	P4.50 per liter

The announcement was made after the Department of Energy shared over the weekend that the estimated price drop on prices at the pump will be around P20.89 per liter of diesel, P4.43 per liter of gasoline, and P8.50 per liter of kerosene. 

The rollback serves as a breather for Filipino motorists who have been suffering from skyrocketing fuel prices due to the oil crisis in the Middle East.

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“Hindi tayo titigil. Tuloy-tuloy ang trabaho ng pamahalaan para may tunay na ginhawa sa bawat pamilyang Pilipino (We will not stop. The government will continue to work to bring true comfort to every Filipino family),” the agency said, echoing what was written on the official Facebook post of President Bongbong Marcos.

Relatedly, President Ferdinand Marcos Jr. removed the excise tax  on liquefied petroleum gas (LPG) and kerosene.

The removal of tax is equivalent to P3.36 per kilo of LPG, or almost a P37 reduction for every tank of LPG and P5.60 for every liter of kerosene, a substantial reduction in cooking expenses of Filipino families.

Last month, the Republic Act 12316 was signed, which allowed the country's chief executive to temporarily halt or reduce fuel excise taxes for up to three months per instance (maximum of one year) when Dubai crude oil prices exceed a certain per-barrel threshold.

He also signed Executive Order 110 last March 24, declaring a state of national energy emergency.

Meanwhile, various private companies and the government implemented several action plans to cope with the increasing pump prices.

For example, Grab and MoveIt deployed “immediate support” for their partners. Meanwhile, the House of Representatives worked to suspend the mandatory biofuel mixing under the Biofuels Act of 2006. 

With reports from Ruben Manahan IV

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