Pump prices seen lower this week

MANILA, Philippines — Despite tensions in the Middle East, fuel prices will slightly decrease this week.

Diesel prices are projected to go down by 15 to 30 centavos per liter while gasoline prices are seen to drop 5 to 20 centavos per liter, according to an industry source.

Cleanfuel said it would reduce diesel prices by 20 centavos per liter at 4 p.m. today.

Seaoil Philippines Inc. said it would roll back diesel price by 20 centavos per liter and kerosene by 30  centavos effective 6 a.m. tomorrow.

The movement in oil prices would break the three consecutive weeks of diesel price increases, while gasoline prices would be reduced for the second straight week, the source said.

Last week, oil firms implemented an increase of 40 centavos per liter on diesel and 30 centavos per liter on kerosene, but reduced gas prices by 10 centavos per liter.

In the past trading week, global oil prices started higher but lost steam as the market reassessed the Middle East conflict and shifted focus toward rising US crude stocks.

Meanwhile, the fisherfolk group Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) feared the impact of the third and final tranche of the Tax Reform for Acceleration and Inclusion (TRAIN) law, which takes effect this year, on their livelihood.The group said their sector would bear the brunt of the TRAIN law through higher oil prices, which have already surged up to P9 per liter for gasoline and P4.50 per liter for diesel since it was implemented in 2018.

On the 3rd tranche, the excise taxes for gasoline, diesel and kerosene will increase by P1.00, P1.50 and P1.00, respectively.Pamalakaya claimed that a small fisherman, who regularly consumes 12 liters of diesel, spent at least P480 from P432 for crude oil alone when the first and second tranches of the TRAIN law were implemented. It noted that prices for diesel went up to P40 per liter from P36 per liter.“Now that the final tranche of TRAIN results to increase in the price of petroleum by another P1, the production cost of small fishers would also increase to another all-time high,” said Fernando Hicap, Pamalakaya nation