Saturday August 18, 2018

Oil pump prices down

BAGUIO. Prices of fuel have declined in Baguio City. (File Photo)

A SIGNIFICANT reduction in oil prices in Baguio City has been implemented by the three major oil companies namely Petron, Chevron and Shell.

The price of gasoline decreased by P5 to P6 per liter while the price of diesel was cut by P1.50 to P2 per liter on top of the price rollback of about P0.55 in gasoline and P0.60 in diesel on Thursday, June 14, according to Baguio Representative Mark Go.

“I am happy that we now see the fruits of our efforts. Aside from the hearings we held in Congress, separate meetings were done outside with some of the officers of these major oil companies to discuss this substantial matter of oil price decrease in Baguio City. As committed by them, this is now the result,” Go said.

The reduction narrows the gap between oil prices in Rosario, La Union and Baguio City.

The price difference has been lowered to P6 to P7 for gasoline and P3.80 to P4 for diesel compared to the previous P10 to P12 for gasoline and P5 to P6 for diesel.

“This is definitely a great news to the people of Baguio. This oil price reduction has been felt by our people. We will never cease to negotiate to these oil companies until such time that we attain a fair and competitive oil prices with that of Rosario, La Union,” the solon said.

The Department of Energy earlier assured petroleum consumers of its move to require petroleum companies to unbundle their costs to disclose greater detail on how they arrived at their pump prices.

DOE Undersecretary Felix William Fuentebella said the department has issued a circular requiring oil companies to submit their unbundled prices.

“Unbundling will isolate the price increases caused by the higher taxes, commodity trading and the cost of doing business, among others,” Fuentebella earlier said.

The measure will require oil companies to make a public announcement for any pump price adjustments while the DoE will continue validating whether the price movements are justified.

“The unbundling of fuel costs will now let us know where the increase in fuel comes from and what the reason are on how they can bring down the prices, and this is what we are working in right now,” Go added. (With a report from Jonathan Llanes)