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Palace: More rollbacks from oil firms

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By Joel Guinto
First Posted 10:56:00 10/23/2008

MANILA, Philippines – The big oil companies owe the public more “hefty” rollbacks, Malacañang said, after the firms implemented another P1 per liter price reduction on Thursday.

Press Secretary Jesus Dureza said reducing local pump prices has not been commensurate to the drop in world crude prices.

“Mukang kailangan pa ng hefty, some sizable rollback rather than patingi-tingi lang [There should be a hefty, more sizeable rollback, rather than in small quantities],” Dureza told reporters at the Ninoy Aquino International Airport, before he left for China with President Gloria Macapagal-Arroyo and her delegation.

“We appreciate this [P1 rollback] but perhaps they can roll back some more because it is not proportionate,” Dureza said.

For Executive Secretary Eduardo Ermita, the P1 rollback meant that oil firms have started listening to their conscience.

He added that the reduction was better than no rollback at all.

“Mabuti nakonsensiya sila [It’s good that they listened to their conscience] because of your stories. They realized the needs of the majority,” Ermita said.

The three big oil companies, Petron Corp., Pilipinas Shell, and Caltex have implemented several P1-per liter rollbacks, while the smaller firms, Unioil and Flying V have slashed prices by P3 per liter.

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Written by joelguinto

ThuUTC2008-10-23T03:49:52+00:00UTC10bUTCThu, 23 Oct 2008 03:49:52 +0000 22, 2006 at 12:45 am10

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