Initial global trading prices of crude for the week indicate a rollback as early as Friday after 11 straight weeks of price hike, according to the Department of Energy (DOE).
DOE Secretary Alfonso Cusi at the Talk to the People yesterday said the average trading price of Dubai crude from the previous two days was at $104.79 per barrel from last week’s average of $122.61 per barrel.
“If this trend continues and average prices reach $104, $105 or even $100 per barrel, we can experience a price rollback next week. For gasoline, it can go down by over P5 per liter and for diesel, the decrease can be over P12 per liter,” Cusi said.
Independent oil player, Cleanfuel said it will implement a rollback in its diesel products starting 4:01 p.m. yesterday until Friday.
Cleanfuel said a P5 per liter rollback will take effect in its stations in Magliman; Dagat-Dagatan; San Fernando, La Union; Kawit; Binalonan; Lemery; Congressional Extension; Olongapo; Santa Rosa; Pioneer; Sumulong; Boni Avenue; Samson; Commonwealth; Lipa; Taytay; Pedro Gil; McArthur; E.Rodriguez; Bagumbong; Dasmariñas; Dimasalang; Amang; Quirino; Espana; Timog; Philam; Boni Serrano; P.Tuazon; and V.Luna
A P3 per liter rollback will take effect in stations located at Rosario, La Union; Halsema; Magsaysay; Bokawkan; San Pablo; Baclaran; San Luis; Angeles; Mabalacat; Sucat; Pulilan; Bacoor; Pozorrubio; Soledad; Kamagong-Vito Cruz; Baler; Calamba; San Ildefonso; Villasis; Imelda; Mayon; Sariaya; Meycauayan; J.Abad Santos; Shaw Boulevard; Balagtas; Biñan; Ortigas West; Ortigas Extension; Edsa-Caloocan; Los Baños; Tanay; EDSA-Cubao; and Congressional.
Earlier this week, local oil companies increased per liter prices by P7.10 of gasoline, P13.15 of diesel and P10.50 of kerosene.
According to data from the DOE as of March 8, the latest average Manila price per liter of gasoline (RON95) stood at P69.55, diesel at P62.30 and kerosene at P66.15.
However, as of March 15, year-to-date adjustments of petroleum products summed up to a total net increase of P20.35 per liter for gasoline, P30.65 per liter for diesel and P24.90 per liter for kerosene due to continued price hikes since the start of the year.
Meanwhile, the Confederation of Truckers Association of the Philippines (CTAP) yesterday said it has implemented a 30- percent increase on truck rates starting last week, its president Maria Zapata said.
Zapata said the adjustment does not include the impact of the fuel price increased implemented on Tuesday, March 15.
CTAP said another truck rate increase will be renegotiated after the projected fuel increase that may occurred after March 8, 2022
Meanwhile, the Land Transportation Franchising and Regulatory Board (LTFRB) said Land Bank of the Philippines has started crediting the approved P2.5 billion budget for fuel subsidies.
Of the amount , P1.75 billion will go LTFRB modes or share of 70 percent. Tricycles under the Department of Interior and Local Government will get P625 million while delivery services under the Department of Trade and Industry will get P125 million.
Kristine Cassion, LTFRB executive director, said 377,443 units will benefit from the subsidy at P6,500 per unit fuel subsidy.
Casion said a list of 68,023 initially beneficiaries has been forwarded to Land Bank as of March 15.
Public utility jeepneys (PUJs) were the first ones to receive the cards, and Cassion anticipates their crediting will end this Friday.
