Deadline all the time

breaking news stories, photos, and video

Palace to oil firms: Explain gap in rollbacks, world prices

leave a comment »

By Joel Guinto
INQUIRER.net
First Posted 13:46:00 09/04/2008

MANILA, Philippines — Oil companies should explain why the rollback in pump prices does not appear to be in step with the downtrend in world crude prices, a senior Malacañang official said Thursday.

Executive Secretary Eduardo Ermita said he would call up
representatives of local oil companies to ask how price rollbacks are computed.

“If we look at the disparity between the [local pump] price and the drop in world crude prices, we can say that the rollback of local oil companies doesn’t seem right,” Ermita told radio station dzRH in Filipino.

“I will call up people I know, especially in the big oil companies, Petron and Shell, so that we will get a proper explanation at magawan ng paraan na ma-influence natin talagang maibaba sa tamang presyo [and to find a way to influence them to bring it down to the right price],” he added.

Ermita said Energy Secretary Angelo Reyes would also be tasked to seek an explanation for oil companies.

A few months back, oil companies implemented weekly price adjustments of up to P1 per liter as world oil prices soared, but prices have since begun to go down.

View article as posted on INQUIRER.net

Advertisements

Written by joelguinto

ThuUTC2008-09-04T14:11:03+00:00UTC09bUTCThu, 04 Sep 2008 14:11:03 +0000 22, 2006 at 12:45 pm09

Posted in Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: