GOOD news for consumers: pump prices of petroleum products are seen to go down in the coming trading week.
“Expect fuel prices to go down next week (November 23-29, 2021),” Unioil Petroleum Philippines said in its fuel forecast.
Unioil said the price per liter of diesel may go down by P1.10 to P1.20 in the coming week.
Gasoline prices, on the other hand, may decrease by P0.90 to P1.00 per liter.
Oil companies usually announce a fuel price adjustment every Monday, that takes effect in the morning the following day.
Last November 16, 2021, fuel companies implemented a price decrease of P0.90 per liter for gasoline.
Earlier, the House committee on ways and means approved a bill proposing to reduce or suspend the excise taxes on petroleum products amid consecutive oil price hikes this year.
The bill will suspend for six months the imposition of excise taxes on diesel, kerosene, and liquefied petroleum gas.
Excise taxes on low-octane gasoline, used primarily by tricycle drivers, will also be reduced, while taxes on premium gasoline will be retained.