The Philippine Online Chronicles

After four rounds of successive oil price hikes, oil companies implemented the first oil price rollback for the year.

Effective 12:01 a.m. Sunday, local oil prices have been reduced. Flying V Philippines slashed the per-liter price of premum gasoline by 20 centavos, regular gasoline by 20 centavos and diesel by 80 centavos.

Eastern Petroleum Philippines reduced premium and unleaded gasoline by 20 centavos per liter, regular gasoline by 40 centavos and diesel by 80 centavos.

Pilipinas Shell implemented the same price adjustment as Eastern Petroleum, and also slashed prices of kerosene by 90 centavos a liter.

Total Oil lowered its prices by 20 centavos a liter for unleaded gasoline and Protec, 40 centavos for regular gasoline and 80 centavos for diesel.

Despite the rollback, militant workers and transport groups announced have called for a nationwide protest against oil overpricing, saying that the Aquino government must respond to the people’s demand for an immediate relief from the rising prices of petroleum products.

National transport group PISTON announced that they are now preparing for stronger protest actions, including a transport strike against oil price hikes, to pressure the Aquino government to act decisively against overpricing. “It is not just for us drivers but also for most Filipinos,” Piston national president George San Mateo said in a report.

Since January, the three major oil companies have increased the price of diesel by P2.70 per liter, regular gasoline by P2.60 per liter, unleaded gasoline by P2.20 per liter and kerosene by P2.50 per liter.

The Department of Energy (DoE) earlier hinted that oil prices would be reduced as pressures on oil prices in the global market started easing Friday.

On January 24, militant groups will troop to the House of Representatives to ask Congress to continue the deliberation and consider the passage of measures calling for the repeal of Republic Act 8479 or the Downstream Oil Industry Deregulation Law.

Pantawid Pasada, fare hike petition criticized

Labor group Kilusang Mayo Uno said the granting of fuel subsidies under the government's Pantawid Pasada program is an inadequate response to the highway robbery of the oil cartel. “Pantawid Pasada does little to provide relief to the public and it leaves unharmed the superprofits of the oil cartel.

KMU said that the government can significantly reduce the prices of petroleum products by removing the overpricing in oil products – which was estimated to be around P9.00 per liter last August – and by removing the 12% Value-Added Tax on oil.

The workers' group also lashed at some transport leaders for pushing a P2.00 fare hike petition to put pressure on the Aquino government to release the “bribe money” which the latter pledged to them.

KMU said transport leader Zenaida “Zeny” Maranan of Fejodap and Efren de Luna of ACTO are merely using the fare hike petition filed before the Land Transportation Franchising and Regulatory Board (LTFRB) to pressure Malacanang to release some P30 million to each transport leader.

Labor leader Lito Ustarez said the said amount will be released on the pretext of converting the diesel engines of some 200 jeepneys of Fejodap and Acto members into LPG engines,

Malacanang is also preparing a package of assistance for the transport sector affected by soaring fuel prices. President Benigno S. Aquino III" title="WikiPilipinas: #000000;">President Benigno S. Aquino III" rel="nofollow" target="wikipedia"> #000000;">President Benigno S. Aquino III will meet with transport groups once the said fuel plan package is completed.