Consumers are expected to get a reprieve from three weeks of consecutive oil price hikes as oil firms are set to implement a minimal price rollback next week.
“Expect fuel prices to rollback next week. Diesel should decrease by P0.10 per liter and gasoline should stay the same,” Unioil Philippines said in its price forecast.
The oil firms implement price adjustments every Tuesday.
Year-to-date adjustments now stand at P3.65 per liter for gasoline, P4.45 per liter for diesel and P3.05 per liter for kerosene, according to the latest monitoring report of the Department of Energy.
Oil prices have been going up for the third consecutive weeks, the latest on Feb. 26
where the oil players implemented a big-time price increase
of P1.45 per liter for gasoline and diesel by P1.45 per liter and P 1.35 per liter for kerosene.
Oil prices went up after the Organization of Petroleum Exporting Countries and producer allies such as Russia agreed to cut production output by 1.2 million barrels per day to prevent a supply overhang from increasing.
Nigeria’s decision to limit output and declining output from Iran and Venezuela further fueled the bullish sentiment in the oil market.
Oil players also raised the price of cooking gas by as much as P2.90 per kilo equivalent to P31.90 per 11-kilo tank to reflect the higher contract price of liquefied petroleum gas for the month of March.
Petron Corp. and Isla LPG issued separate advisories of the LPG increase implemented on March 1.
Petron raised its LPG by P2.90 per kilo while Isla LPG which markets the Solane brand raised prices by P2.60 per kilo.
“Petron will implement a P2.90 per kilo increase in LPG prices effective 12:01 am, March 1. AutoLPG prices will likewise increase by P1.65 per liter at the same time. These reflect the international contract price of LPG for the month of March,” Petron said.
Prior to the increase, LPG sells from P576 to P755 per 11-kilo tank in Metro Manila.
Energy Secretary Alfonso Cusi urged the public to be conscious of their energy and fuel usage, especially when oil prices are “steadily climbing to high levels due to economic and geopolitical factors which we are bound to experience as an oil importing country.”
“But even if oil prices go down, it is imperative that we embrace the efficient way of using our energy resources. We would like to remind fellow Filipinos that we are responsible for our individual actions. If we come together with the common goal of energy conservation through energy efficiency, we can achieve a lot in terms of immediate in-pocket savings and energy sustainability in the long term,” he said.
READ: Pump price hikes fuel bid for oil tax freeze
Meanwhile, a party-list lawmaker on Saturday said the rising prices on oil products
and basic goods should compel the Duterte administration to suspend the imposition of excise taxes on oil as provisioned by the Tax Reform for Acceleration and Inclusion (Train) law as well as value-added taxes.
“This should be a period of winning people’s hearts and minds, but how could admininstration candidates do such task, when all they claim is loyalty to President Duterte, who is carrying out the very policies that sow poverty and misery across the country,” said Anakpawis party-list Rep. Ariel Casilao, member of the Makabayan Bloc.
He said Duterte should suspend the implementation of Republic Act 10963 or the Train Law and move to repeal the RA 8479 Oil Deregulation Law.
Casilao urged support for House Bill 7653 repealing the Train law, HB 3676 to regulate the oil sector, and HB 1760 to re-nationalize Petron filed by the left-leaning Makabayan Bloc.
Oil prices surged by P4 to P6 per liter in three weeks, and as domino effect transport groups are now pushing for a P1-fare hike.
These are on top of price hikes on basic goods by 1 to 5 percent, canned goods by P0.40 to P1.30, while some vegetable items by P10 to P40 per kilo, bangus by P40, beef by P25, and even condiments.
“These are undisputed manifestations of the anti-people aftermath and havoc of the Train Law, thus, we urge the people to demand its repeal,” Casilao said.
“We appeal to the people to stand against the fatal mixture of anti-people economics and traditional politics, which essentially keeps majority of Filipinos poor and miserable, and bars genuine national development. Join in pressing President Duterte to suspend his Train law,” Casilao said.
READ: Oil players hike prices by 70c/liter