The country's oil firms are expected to cut pump prices anew this week by as much as P0.30 per liter to reflect the movement of prices in the world oil market.
"Expect fuel prices to go down next week (August 17 to 23). Diesel should go down by P0.20 per liter. Gasoline should go down by P0.30 Pesos per liter," Unioil Philippines said in its weekly advisory.
This will be the second consecutive oil price rollback in domestic pump prices due to the global softening of world oil prices.
On August 10, the oil companies implemented a price decrease in domestic oil products, namely P0.65 to P0.80 per liter for gasoline, P0.70 per liter for diesel and P0.75 per liter for kerosene.
These resulted in the year-to-date adjustments to stand at a total net increase of P13.25 per liter for gasoline, P10.40 per liter for diesel and P8.70 per liter for kerosene.
A report by the International Energy Agency for August revealed that growth for the second half has been downgraded more sharply due to new Covid-19 restrictions imposed in several major oil consuming countries, particularly in Asia.
These restrictions will reduce mobility and oil use thus dampening demand.
IEA also said the recovery in global refinery activity slowed in July as new waves of Covid-19 cut into fuel demand while margins remained under pressure.
Meanwhile, the domestic oil firms are keenly waiting for the signing into law of the LPG Bill, which recently passed the bicameral level of Congress.
Petron Corp., the country’s largest oil company, expressed its support for efforts against illegal LPG practices.
Petron said it is hoping these illegal practices will end upon the enactment of the LPG Bill.
Under the LPG Bill, tighter sanctions will be imposed on illegal refillers while institutionalizing the cylinder exchange and swapping program.
“We view the LPG Bill as a crucial step to bringing more order and elevating the standards for the way businesses operate in the LPG industry. In the end, consumers, who no longer need to fear for their safety and are assured of quality LPG products, stand to gain the most from this,” Petron said.
The Philippine National Police-Criminal Investigation and Detention Group (CIDG) continued to keep an eye out for outlets selling illegally refilled LPG cylinders.
“We hope that these police efforts will send a clear message to owners of non-conforming LPG outlets and other perpetrators of unlawful LPG business practices. There should be no room for these violations, and we hope that the LPG Bill, once it becomes a full-fledged law, will completely eradicate these unsafe and substandard cylinders from the market that put the welfare of the consuming public at risk,” the oil firm said.
Since June, more than 10 separate entrapment operations were conducted in Paranaque, Pasig, Makati, and Rizal capturing a total of over 300 illegally refilled Petron LPG tanks with an estimated equivalent amount of over P500,000.
Petron said illegal trade practices in the LPG sector also remained rampant in provinces like Cagayan, Pangasinan, and La Union.
From July 1 to 16, local authorities were able to recover more than 500 illegally refilled Petron Gasul and Fiesta Gas cylinders in raids conducted in Tuguegarao City, Solana, Urdaneta, Villasis, Binalonan, Aringay, and Agoo.
Based on the CIDG report, the greatest number of cylinders confiscated came from BM2J Trading, Abner Vidal LPG Store, FLD Marketing, Anick Gas, BBM Gas, Rey Store and LPG Trading and Cuevas Gas Delivery in the areas of Makati, Marikina, Quezon City, Manila, and Paranaque.
In addition to Rizal and Pasig, similar operations were also previously implemented in Albay, Cavite, and other parts of Metro Manila like Taguig and Valenzuela.
Several owners and personnel of these outlets were apprehended by the CIDG and detained due to their illegal practices.
Petron said sourcing from authorized Petron LPG sellers guarantees consumers of high-quality LPG products with the correct weight, as well as tank’s proper wall thickness, weld integrity, and valve fitting, following Department of Trade and Industry (DTI) standards.
To spot a legitimate Petron Gasul cylinder, customers must look for a laser-printed quality seal with a unique QR-code, certifying that the cylinder has passed through rigorous safety and quality testing.
Petron cylinders that are replicated and illegally refilled lack this safety feature.