Oil firms cut diesel prices by P1.45; no fare rollback

MANILA, Philippines – Oil companies implemented a hefty rollback in the prices of petroleum products by more than P1 yesterday.

In an advisory, Petron Corp., the country’s largest refiner, reduced its diesel prices by P1.45 per liter, gasoline by P1 and kerosene by P1.25.

Eastern Petroleum Corp. rolled back diesel prices by P1.50 per liter and gasoline by P1.10.

Eastern Petroleum chairman and chief executive officer Fernando Martinez said they implemented the price cuts to reflect movements in the international oil market.

Petron and Eastern Petroleum rolled back pump prices ahead of other oil firms.

Pilipinas Shell Petroleum Corp. will cut diesel prices by P1.45 per liter, gasoline by P1 and kerosene by P1.25 effective at 6 a.m. today.

SeaOil Philippines Inc., Phoenix Petroleum Philippines Inc. and PTT Philippines Corp. will implement similar price adjustments for their fuel products.

Meanwhile, the Land Transportation Franchising and Regulatory Board (LTFRB) said it could not roll back fares for public utility jeepney and taxi services despite the oil price cuts.

LTFRB chairman Winston Ginez said they would seek a dialogue with the transport groups this week to know their stand on a possible fare rollback.

Last year, Negros Oriental Rep. and former LTFRB board member Manuel Iway filed a petition to reduce fare rates for taxi and PUJ services in Metro Manila and parts of Region 3 and 4.

The petition for a fare cut has been submitted for decision after several hearings, according to LTFRB board member Ariel Inton.

“We will decide on that, but we still don’t know when,” Inton said. – With Robertzon Ramirez