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Palace welcomes oil price rollbacks

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By Joel Guinto
First Posted 12:10:00 10/30/2008

MANILA, Philippines — Malacañang welcomed the relatively bigger oil price rollbacks on Thursday, but at the same time, pressed oil companies to bring pump prices further down.

The three big oil companies, Pilipinas Shell, Petron Corp., and Chevron, as well as the smaller firms, cut diesel prices by as high as P6 per liter and gasoline and kerosene prices by P2 per liter.

“Malacañang is pleased that oil companies acted upon the appeals of the administration to make the price of gas and other oil products more responsive [to world prices],” deputy presidential spokesperson Lorelei Fajardo said in a statement.

“But the Palace will continue to hold discussions with oil companies to further reduce prices. Oil is at a very low $60 per barrel and Malacañang is working to ensure that there [will] be significant reduction also in the prices of major commodities and services,” she said.

The three big oil players rolled back by no more than P1 per liter per week, even as world oil prices dropped from its peak of almost $140 per barrel.

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Written by joelguinto

ThuUTC2008-10-30T07:58:25+00:00UTC10bUTCThu, 30 Oct 2008 07:58:25 +0000 22, 2006 at 12:45 am10

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