Oil firms to 'moderate hikes' as govt lifts fuel price cap
Oil companies promised to “moderate price increases" on Monday, the same day that the Philippine government formally lifted a fuel price cap.
Pilipinas Shell Petroleum Corp. (PSPC), Unioil Philipines, and other fuel firms have vowed to continue “assisting affected sectors" by mitigating price increases.
The government was earlier forced to establish a fuel price ceiling to assist typhoon victims, after oil firms hiked pump costs despite damages wreaked by two powerful cyclones.
PSPC, the local unit of Dutch-based Shell, will continue to provide discounts to commuters and transport groups, said Edgar Chua, the company’s country manager.
Unioil Philippines will continue to keep pump prices at October 15 levels as a form of assistance to their customers, Chito Medina Cue, the company’s general manager said.
On the same day, a group of cooking gas sellers said that its product prices may surge by as much as P3 per kilogram next month.
Although prices will stay the same for November, “an increase of P3 per kilogram" is expected for December, Arnel Ty, president of LPG Marketers Association (LPGMA) said.
In the meantime, the revocation of Executive Order (EO) 839 – which put a ceiling on oil prices – was welcomed all around by companies.
The lifting “sends a positive signal to both the local and international business communities," Chua said.
The company “looks forward to a continuing stable policy environment, in which to conduct business successfully," he added.
New order rescinds fuel price cap
On the same day, President Gloria Macapagal Arroyo issued EO 845 which rescinded EO 839, which pegged oil prices at October 15 levels last October 23.
Arroyo also instructed a joint task force between the justice and energy departments to implement proposals submitted by oil executives during a dialog held in Malacañang last Friday.
Besides recommending EO 839’s revocation, the task force also called for “more targeted and focused calamity assistance" in selected areas in Benguet, Baguio City, Pangasinan, eastern Laguna, Rizal, Ilocos Norte and Sur, Mountain Province, Isabela, Cainta, and Marikina, Malabon and Pasig cities.
The National Disaster Coordinating Council (NDCC) and the trade department have pointed out that the “underlying reason for the issuance of EO 839 no longer exists," the President added.
“Rehabilitation efforts continue to be undertaken in order to assist the victims of the calamity," Arroyo said. - GMANews.TV
Pilipinas Shell Petroleum Corp. (PSPC), Unioil Philipines, and other fuel firms have vowed to continue “assisting affected sectors" by mitigating price increases.
The government was earlier forced to establish a fuel price ceiling to assist typhoon victims, after oil firms hiked pump costs despite damages wreaked by two powerful cyclones.
PSPC, the local unit of Dutch-based Shell, will continue to provide discounts to commuters and transport groups, said Edgar Chua, the company’s country manager.
Unioil Philippines will continue to keep pump prices at October 15 levels as a form of assistance to their customers, Chito Medina Cue, the company’s general manager said.
On the same day, a group of cooking gas sellers said that its product prices may surge by as much as P3 per kilogram next month.
Although prices will stay the same for November, “an increase of P3 per kilogram" is expected for December, Arnel Ty, president of LPG Marketers Association (LPGMA) said.
In the meantime, the revocation of Executive Order (EO) 839 – which put a ceiling on oil prices – was welcomed all around by companies.
The lifting “sends a positive signal to both the local and international business communities," Chua said.
The company “looks forward to a continuing stable policy environment, in which to conduct business successfully," he added.
New order rescinds fuel price cap
On the same day, President Gloria Macapagal Arroyo issued EO 845 which rescinded EO 839, which pegged oil prices at October 15 levels last October 23.
Arroyo also instructed a joint task force between the justice and energy departments to implement proposals submitted by oil executives during a dialog held in Malacañang last Friday.
Besides recommending EO 839’s revocation, the task force also called for “more targeted and focused calamity assistance" in selected areas in Benguet, Baguio City, Pangasinan, eastern Laguna, Rizal, Ilocos Norte and Sur, Mountain Province, Isabela, Cainta, and Marikina, Malabon and Pasig cities.
The National Disaster Coordinating Council (NDCC) and the trade department have pointed out that the “underlying reason for the issuance of EO 839 no longer exists," the President added.
“Rehabilitation efforts continue to be undertaken in order to assist the victims of the calamity," Arroyo said. - GMANews.TV
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