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Arroyo thanks Shell for future cuts

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Oil giant says rollback ‘probable’ before Nov 1

By Joel Guinto
INQUIRER.net
First Posted 11:25:00 10/20/2008

MANILA, Philippines—(UPDATE) Pilipinas Shell will roll back pump prices further before November 1, All Saints’ Day, and President Gloria Macapagal-Arroyo thanked the oil firm even before it announced the price cut.

“Salamat sa mga susunod pang price rollback [Thank you for future price rollbacks,” Arroyo said in a speech during the awarding of discount cards to tricycle drivers at the SM Mall of Asia in Pasay City on Monday.

Minutes after the President’s speech, Shell President Edgar Chua told reporters that a price cut before the All Saints’ Day holiday was “probable [malamang].” He did not say by how much prices could be rolled back.

Chua said the President asked her before her speech if price cuts were forthcoming, and he answered: “[With] the way things are going, I think there is a very high likelihood of further reduction.”

At the same time, Chua deflected criticism that big oil firms were slow in bringing prices down, compared to the smaller companies, saying they have bigger inventories that take longer to use up and replenish.

With smaller inventories, small oil firms can reduce prices to reflect the downtrend in the world market more quickly, he said.

“No one wants to see high prices, but in reality, that’s being moderated,” he said.

During the program, Arroyo awarded “Pepeng Pasada” cards to tricycle drivers. Card holders can avail of a P1-per liter discount on fuel, and a P2 discount on T2 motor oil in 600 Shell stations nationwide from October 20 to December 31 this year.

The President also gave PhilHealth cards to the 1,000 members of the Tricycle Operators and Drivers Association (TODA) worth P1.2 million, along with 1,000 cavans of rice, and P2 million worth of scholarships from the Technical Education and Skills Development Authority.

She also announced that the price reduction of emission testing at the Land Transportation Office (LTO) to P40, from P90.

“Christmas is already in the air, kaya sa araw na ito, TODA-bigay tayo [that’s is why today, we give big]. You are having your Christmas party and Christmas gift-giving early,” she said.

View article as posted on INQUIRER.net

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Written by joelguinto

MonUTC2008-10-20T09:30:02+00:00UTC10bUTCMon, 20 Oct 2008 09:30:02 +0000 22, 2006 at 12:45 am10

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