Big-time oil price rollback slated for this week

A big price rollback for gasoline and diesel may be implemented by petroleum companies this week, industry sources said on Sunday.

A “Balitanghali” report aired Sunday said gas prices are set to go down by more than P1 per liter, while diesel products will see a price reduction of P0.50/L. Prices of gasoline are currently around P47 while the average price for diesel is P35.

From January to November 11, 2014, prices of gasoline products have decreased by P6.54 per liter, while the price of diesel has been slashed by as much as P8 per liter as a result of the rollbacks implemented by oil companies.

With the significant drop in diesel price, Negros Oriental Rep. Manuel Iway has asked the The Land Transportation Franchising and Regulatory Board (LTFRB) to reduce the minimum fare from P8.50 to P8 for the first 4 kilometers and the additional charge per succeeding kilometer from P1.50 to P1.40.

Iway’s petition is set to be heard by the LTFRB on Monday, November 17.

But even though pump prices have decreased, transport groups such as the Alliance of Concerned Transport Operators said current oil prices are not enough to justify a fare rollback.

“Alam naman natin na kapag dumarating na ang kapaskuhan ay magiging ideya naman ng mga oil companies na [magtaas ng presyo dahil] tataas ang halaga ng dolyar,” said ACTO President Efren de Luna.

The petition to raise the minimum fare to P8.50 minimum was approved by the board last May. It became effective starting June 14. — Xianne Arcangel /LBG, GMA News