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

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By Joel Guinto
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.

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Written by joelguinto

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

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