• Oil firms cut fuel prices further


    AFTER their biggest fuel price rollback last Monday, oil companies have decided to reduce pump prices further, effective 12:01 a.m. of Saturday.

    Pilipinas Shell, Chevron, Petron Corp., and PTT Philippines on Friday announced that they will cut fuel prices once more effective 12:01 a.m. on Saturday.

    The four oil firms will cut diesel prices by P1.30 per liter.

    For gasoline, Chevron, Petron, and PTT Philippines will reduce prices by P1.65 per liter. Shell will cut gasoline prices by P1.55 per liter.

    Shell, Chevron, and Petron will roll back kerosene prices by P1.30 per liter.

    This is the second time this week that oil companies reduced fuel prices due to movements in global oil prices.

    Data from the Department of Energy show that the fuel price rollbacks implemented so far this year by oil companies have shaved a total of P6 per liter for diesel and P4 per liter for gasoline.

    Last Monday, oil companies also reduced prices of kerosene by P1.60 per liter, and P1.55 per liter for diesel.

    Because of this, the National Council for Commuter Protection (NCCP) is set to ask the Land Transportation Franchising and Regulatory Board (LTFRB) for a reduction in jeepney fares.

    Elvie Medina, NCCP president, said the group will ask for a 50-centavo rollback in the minimum fare for passenger jeepneys.

    Transport group Pasang Masda is also planning to ask the LTFRB to lower jeepney fares.

    Pasang Masda President Obet Martin said they are amenable to a provisional voluntary minimum fare reduction by 50 centavos.

    This means, he added, that the minimum fare can go back up to P8.50 if fuel prices go up again. RITCHIE A. HORARIO


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