Major, Indepedent Oil Firms Implement Big Price Rollback

Major and independent oil players rolled back prices of diesel and gasoline early morning of 30 October 2008.

The latest oil firm to reduce its prices is Unioil Petroleum Philippines, which according to its general manager Chito Medina-Cue, will cut back the cost of diesel by P6 per liter and gasoline by P2.50 per liter effective 2 p.m. Thursday.

“This is the biggest rollback in the history of the Philippines so far. This is bigger than the others,” he said. Read more

Congress to Probe Why Oil Firms Not Giving Bigger Rollbacks

Speaker Prospero Nograles wants the House of Representatives’ committee on energy chaired by Pampanga Rep. Juan Miguel “Mikey” Arroyo to look into the profits of oil companies.

“If the oil companies are using the deregulation law as their excuse for imposing unreasonable prices, we will also use the provisions of the deregulation law which empowers Congress to exercise oversight over these firms,” he said. Read more