By Lenie Lectura - November 4, 2019
OIL companies announced over the weekend
they will implement cuts in the prices of gasoline, diesel and kerosene
effective Tuesday morning.
In separate announcements oil firms
said they will roll back the price of gasoline by P0.10 per liter; diesel,
P0.25 per liter; and kerosene, P0.10 per liter.
Pilipinas Shell, Petron Corp.,
Phoenix Petroleum, Total Philippines and PetroGazz said they will implement
their respective price adjustments at 6 a.m. on Tuesday, November 5.
“This is to reflect movements in the
international market,” said Petron.
Other oil firms are expected to
announce price rollbacks on Monday afternoon.
This is the third consecutive week
of price rollback for gasoline, diesel and kerosene.
The Department of Energy (DOE) has
kept close watch on fuel pricing since the September 14 drone attacks, which
damaged key oil facilities in Saudi Arabia, as the Philippines imports nearly
all of its crude oil requirements.
The agency earlier issued show-cause
orders against 13 oil firms in view of the apparent difference in the oil price
rollback calculations.
Local oil companies earlier reduced
gasoline price by P1.45 per liter, diesel by P0.60 per liter and kerosene by P1
per liter.
However, the DOE said the price
reduction for gasoline was short by P0.22 per liter, while the rollback for
diesel was short by P0.06.
The DOE is still collating the reply
of the oil firms.
Energy Secretary Alfonso G. Cusi
said differences in oil prices were observed in Baguio City.
“We validated why pump prices are
higher by P9. We asked them to explain, to unbundle the price difference.
But instead of replying, they implemented a price rollback of P3,” said Cusi.
“That’s not an answer so we insisted on their reply. I have not yet received
their reply, though.”
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