Big rollback for diesel on July 5
By VJ Bacungan, for Automart.PH
METRO MANILA, July 4, 2022 – After four consecutive weeks of oil price hikes, commuters can expect some relief at the pumps starting July 5, 2022.
This follows the P1.65 a liter hike that oil companies imposed on June 28, 2022.
Meanwhile, both firms also announced that there will be no price change for unleaded, which went up by P0.50 a liter last week.
President Ferdinand “Bongbong” Marcos Jr., who was officially sworn into office on June 30, 2022, has rebuffed calls to suspend excise taxes under the Tax Reform for Acceleration and Inclusion or TRAIN Law.
This measure, which was signed into law by former President Rodrigo Duterte on Dec. 19, 2017, added P6 a liter to the price of diesel.
The Department of Finance said a suspension could result in as much as P131.4 billion of lost revenue, which could potentially hamper the country’s recovery from the COVID-19 pandemic.
Marcos Jr. said he would rather provide cash assistance to affected road users, especially jeepney and bus drivers.