AFTER NINE straight weeks of imposing increases, oil companies on Monday cut the price of gasoline products by P0.85 per liter (/L) to reflect the movement of prices in the international market. Diesel products also went down by P0.65/L and kerosene by P0.20/L. Most of the oil companies implemented the price rollback at 6:00 a.m. on Monday, a departure from their Tuesday schedule of price adjustments. An exception was Phoenix Petroleum Philippines, Inc., which rolled back prices at 12:01 a.m. on Saturday, Oct. 13, although at a slightly lower P0.80 for gasoline and P0.60 for diesel. The price reduction is a relief for consumers, who also welcomed pronouncements from administration officials on the suspension of the excise taxes on petroleum products, which were supposed to be implemented at the start of 2019. Energy Secretary Alfonso G. Cusi said his department supports the move, adding that it would have an impact on pump prices. The steady increase in fuel prices had been blamed for the high inflation, which hit 6.7% in September, the highest in nine years. — Victor V. Saulon

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