MANILA, Philippines -- Total (Philippines) Corp. and Eastern Petroleum Corp. slashed prices of their autoLPG, or liquefied petroleum gas used as transport fuel, by P1 a liter.
Total implemented the rollback at 6 p.m. Tuesday while Eastern followed suit at 6 a.m. Wednesday.
With this price reduction, Total?s autoLPG is now priced at P18.30 a liter, while that of Eastern sells for P18 a liter.
While the price cut benefited hundreds of taxis now using autoLPG, owners of vehicles running on other fuels were not likely to get any price cuts.
Eastern chairman and chief executive Fernando Martinez said another reduction was highly unlikely at this point, particularly one in the price of diesel that transport groups were seeking.
"A P26-a-liter pump price? Even next year, that will not happen. The landed cost for December is P28 to a liter. With dealers? mark-up plus ours, P33.50 for [jeepneys] is just right,?? he said in an interview.
The transport group Pagkakaisa ng mga Samahan ng Tsuper at Operator Nationwide (Piston) will be staging a transport caravan on Friday, in an effort to pressure oil companies to roll back the price of diesel to P26 a liter.
Piston secretary general George San Mateo said the December 19 caravan would be a preview to the massive transport strike that his group and many others were planning to carry out if oil companies would continue to refuse to bring fuel prices down further.
He also called on the government to start doing its part in reducing oil prices by removing the 12-percent value-added tax, not only on oil products, but also on power and food.
Oil companies last week slashed prices of gasoline, diesel, and kerosene by P1 a liter -- the 17th for gasoline for a total of P25.50 a liter, and the 15th for diesel for a total of P22.50 a liter since July 31.
The price of premium unleaded gasoline currently ranges from P33.46 to P39.60 a liter, diesel from P31 to P35.48 a liter, kerosene from P39.50 to P48.15 a liter, and autoLPG from P18 to P21.80 a liter.