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‘Buy from firms with bigger price cuts’

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By Joel Guinto
First Posted 13:55:00 10/20/2008

MANILA, Philippines — Energy Secretary Angelo Reyes advised the public on Monday to patronize oil companies that have implemented bigger cuts on the prices of fuel to pressure other firms to bring pump prices down further.

The big oil companies implemented only a P1 per liter price cut even as small players Unioil and Flying V slashed pump prices by P3 per liter as world crude prices eased.

Reyes made his suggestion at an event hosted by one of the so-called “Big 3” oil firms, the launching of Pilipinas Shell’s “Pepeng Pasada,” a discount card for tricycle drivers.

“We patronize the companies’ stations that are selling at a lower price so there will be competition…This will force those selling at a higher price to bring prices down,” Reyes told reporters at the SM Mall of Asia in Pasay City.

“On the part of the government, we will continue with efforts to protect the public, and we hope that prices are reasonable and fair,” he added.

Reyes noted that in areas where bigger price cuts are implemented, pump stations from rival firms are forced to bring prices down. “We see now competition at work, so that is very healthy,” he said.

Reyes also noted the “general downtrend” in world crude prices, with Dubai crude down to $61 per barrel.

Holders of the “Pepeng Pasada” cards can avail of a P1 per liter discount on gasoline, and a P2 discount on Shells’s T2 motor oil from October 20 to December 31 this year.

Asked if other oil firms should offer similar discounts, Reyes said: “Yeah, that will be good.”

The energy chief said President Gloria Macapagal-Arroyo, who was at the “Pepeng Pasada” launch, reiterated her directive for energy conservation, which includes the use of energy efficient vehicles and appliances.

Before Arroyo arrived, Reyes treated the crowd at the mall atrium, composed mostly of tricycle drivers, to an impromptu concert, signing “Breaking My Heart” by Scandinavian pop band Michael Learns to Rock.

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Written by joelguinto

MonUTC2008-10-20T09:31:09+00:00UTC10bUTCMon, 20 Oct 2008 09:31:09 +0000 22, 2006 at 12:45 am10

Posted in Uncategorized

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