Oil companies cut pump prices by as much as P3.40 per liter effective 12:01 a.m. Tuesday to reflect the movement of prices in the world oil market.
The rollback cut diesel prices by P3 per liter and kerosene by P3.40 a liter but left gasoline prices unchanged.
It also gave consumers a reprieve after four consecutive weeks of oil price hikes across all products.
“Effective 12:01 a.m. July 5, 2022, Caltex (Chevron Philippines, Inc.) will decrease fuel prices of diesel by P3 per liter and kerosene by P3.40 per liter. No movement for Platinum and Silver,” Caltex said in its advisory, referring to its brand names for gasoline.
Rino Abad, director of the Department of Energy’s Oil Industry Management Bureau, attributed the decline in world oil prices last week to fresh lockdowns in China and suppressed demand due to the implementation of interest hikes from the United States.
On June 28, the oil companies raised the price of gasoline by P0.50 a liter, diesel by P1.65 a liter, and kerosene by P0.10 a liter.
These resulted in a net increase of P30 per liter for gasoline, P45.90 per liter for diesel, and P39.75 per liter for kerosene since the start of the year.
In Metro Manila, gasoline sells from P77.15 to P98.40 per liter, and diesel from P83 to P98 per liter.
Senator Aquilino Pimentel III on Monday filed a bill to suspend value added taxes and excise taxes on fuel.
Pimentel’s bill proposes that the excise tax on fuel will be automatically suspended when the average Dubai crude oil price based on using the Mean of Platts Singapore (MOPS) benchmark reaches or exceeds $80 per barrel.
The bill also says that within 30 days of its effectivity, the secretary of Finance will promulgate rules and regulations necessary for the law’s implementation.