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Oil price rollbacks ‘big argument’ vs deregulation — Palace

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By Joel Guinto
First Posted 18:26:00 09/12/2008

MANILA, Philippines—The rollback in oil prices by P2 to P3 on Friday is a “big argument” against calls by leftwing militants to deregulate the petroleum industry, Malacañang said Friday.

“This [rollback] is a big argument against those who are shouting deregulation,” Press Secretary Jesus Dureza said in a news conference at the Palace.

“[When] market forces are allowed to play, this is the best that can happen,” he added.

As world crude prices dipped below the $100-per barrel mark, local oil firms cut back pump prices by P2 per liter, following months of weekly price adjustments earlier this year.

Independent oil firm Unioil implemented a bigger rollback, a P3 per liter cut on gasoline.

Dureza however warned that oil prices could still go up, given the volatility in the market.

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Written by joelguinto

FriUTC2008-09-12T16:19:30+00:00UTC09bUTCFri, 12 Sep 2008 16:19:30 +0000 22, 2006 at 12:45 pm09

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