MANILA, Philippines -- A consumers’ group said oil companies can be expected to roll back fuel prices by at least another P6 within the next two weeks as oil prices continue to decline in the world market.
In a letter to Land Transportation and Franchising Regulatory Board (LTFRB) chairman Thompson Lantion, businessman Raul Concepcion, chairman of the Consumer and Oil Price Watch (COPW), said the P6 fuel rollback is expected to be given in two phases -- P3 on December 5 and another P3 on December 12.
“Oil refiners Shell and Petron, and the oil importers Caltex [Chevron], Total, SeaOil, Flying V, and others, agreed that we are ‘all even or patas na [have broken even]’ as of October 31st and [have] no more under-recoveries,” Concepcion said.
Since November 1, weekly oil price cuts here have been based on the moving six-week weighted average of Dubai Crude. Thus, the continuing decline of Dubai Crude should be reflected in corresponding fuel price cuts here, Concepcion said.
The LTFRB on Wednesday approved provisional fare cuts for public transport, including the suspension of the P10 add-on fare for taxis.
It also approved a P0.50 cut for the first four kilometers for jeepneys and P0.10 for every succeeding kilometer; a P0.50 rollback for the first five kilometers of regular buses in Metro Manila, or from P9.50 to P9, and a P0.10 cut for every succeeding kilometer, or from P1.95 to P1.85.
Air-conditioned buses in Metro Manila will retain the P11 fare for the first five kilometers, but operators agreed to a P0.15 reduction for every succeeding kilometer, or from P2.35 to P2.20.
Regular and air-conditioned provincial buses agreed to a P 0.05 cut for every kilometer. For air-conditioned buses, this will be from P1.70 to P1.65, and for regular buses, from P1.40 to P1.35.
http://newsinfo.inquirer.net/breakin...ct-P6-rollback


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