The country’s oil firms are expected to cut pump prices by as much as P1.10 per liter effective 6 a.m. Nov. 30 (Tuesday) to reflect the movement of oil prices in the world market.
Unioil Petroleum Philippines said this week’s round of fuel price adjustment is the fourth consecutive week of rollback for gasoline and diesel.
Based on the forecast, pump prices for gasoline will decrease by P1 to P1.10 per liter while diesel will go down by P0.50 to P0.60 per liter.
Last week’s movement of pump prices resulted in year-to-date adjustments to stand at a total net increase of P20.05 per liter for gasoline and P15.09 per liter for kerosene, while that of diesel remained at P17.50 per liter.
Meanwhile, the House of Representatives, under the leadership of Speaker Lord Allan Velasco, is determined to pass legislation reducing excise taxes on certain petroleum products despite the continued downward trend in oil prices.
According to House Deputy Majority Leader and Rep. Jesus Suntay of Quezon City, the House wants to give the Filipino people a reprieve from the twin challenges of the coronavirus pandemic and soaring oil prices in previous months.
Suntay made the statement as the House is expected to pass House Bill 10488 which seeks to reduce excise taxes on certain petroleum products for a period of six months.
The bill recently passed on second reading in the lower chamber after it was approved and sponsored by the House Committee on Ways and Means, chaired by Albay Rep. Joey Salceda, principal author of the bill and Suntay, one the co-authors.