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By Euan Paulo C. Añonuevo, Reporter
A day after imposing a steep price increase in
diesel, a number of oil firms rolled back half of their adjustments
after Malacañang asked companies to temper their price hike.
Petron Corp., Pilipinas Shell Petroleum Corp.
and Eastern Petroleum Corp. will be implementing a P1.50 per liter
cut in their diesel prices today.
Raffy Ledesma, Petron’s strategic
communications manager, said the oil refiner’s rollback is in
“response to an appeal from President Gloria Macapagal-Arroyo to
mitigate the broad impact of high diesel prices.”
Other oil firms have yet to announce a similar
move as of press time but are expected to follow suit.
On Saturday, oil companies jacked up diesel
prices by P3 per liter—the sharpest increase this year for the
public transport sector’s fuel of choice. Oil firms have been
jacking up prices almost weekly. Petrol pump prices were raised 19
times this year while diesel and kerosene prices went up 20 times.
Oil company officials said the increase was
borne out of oil firms’ under-recoveries in June ranging from P5
to P7, which have yet to be fully collected from motorists.
Kerosene and gasoline prices were also increased
by P1.50 and P1 per liter, respectively. Flying V, however, opted
not to raise its gasoline prices.
It would be recalled that oil firms previously
adjusted pump prices by P0.50 increments as per a previous
understanding with the government to recover losses whenever crude
prices rose.
But the steep and unabated ascent of world oil
prices forced oil companies to impose heftier adjustments starting
in May.
In light of this, the Department of Energy will
be holding another closed-door industry meeting to discuss the
recent price increase implemented by oil firms. (See related story
A2.)
Although the government has no right to
intervene with oil pricing under the Oil Deregulation Law, which
should be left for market forces to dictate, Energy Secretary Angelo
Reyes said the department will continue to monitor prices to make
sure that the adjustments are “reasonable.”
Recently, the Energy and Justice departments
signed a memorandum of agreement forming a task force that has the
power to investigate and to subpoena oil firms.
In an interview Sunday on NBN channel 4,
Virginia Ruivivar, Petron’s public affairs manager, said it waits
to be seen if oil companies can finally lower prices after crude
prices’ drop in the last few days.
“Even if prices have fallen down, July prices
are still higher by $9 than June prices,” she said.
The regional benchmark Dubai crude has been
averaging at $137.02 per barrel this month, higher by $9.20 from the
previous one.
The Philippines imports all of its oil
requirements, and it was unclear how long the diesel pump prices
would be maintained at the reduced level.
For now, though, Press Secretary Jesus Dureza
said, “We are happy with the positive response of oil
companies.”
“We express thanks to the oil companies,” he
added.
President Arroyo’s popularity has fallen to a
record low, a new poll showed Saturday, and her aides have blamed
the rising cost of food and fuel. Protesters have called for street
demonstrations next week.
-- With AFP
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