Oil price cuts too low for jeep group

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A group of drivers and operators of public transportation on Sunday expressed disappointment with recent oil price cuts, describing them as “extremely low.”

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George San Mateo, president of the Pagkakaisa ng mga Samahan ng Tsuper and Operators Nationwide (Piston), over the weekend said oil companies should reduce the prices of diesel by P18 per liter and gasoline by P23 per liter.

According to him, their proposed reductions were based on Piston’s fair computation using the latest price cut in the international market.

The big price cuts being pushed by San Mateo was a reaction to a decision of the oil firms to reduce the prices of their diesel and gasoline by an average of 50 centavos per liter.

San Mateo described the 50-centavo cut as “extremely low” if its basis was the price slash made by international oil companies.

He said profit of the oil companies would not be affected tremendously if they reduced the price of diesel by P18 per liter and the price of the gasoline by P23 per liter.

The latest oil price rollback was the 7th to happen this year but not significant to raise income of drivers and operators of jeepneys, according to San Mateo.

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