Boycott the Big Four (Petron, Shell, Chevron, Total)= Cheaper Local Oil Prices?

[shadow]

:popcorn: :pepsi:

[jpdm]

This move by reducing the prices of petroleum prices by the oil companies is a manifestation that they indeed they are engaged in price fixing, they are not losing money and in a profiteering binge.

The market pala tells them that the price is below 58 pesos and yet last saturday they increased the price of diesel by 59 pesos. Kung lugi sila kahit i-pressure sila ng government they can just say they will lose money.

To cut the long story short, the prices of oil in the country is unjustifiable and does not reflect the true market condition...

[SIZE=2]ABS-CBN NEws Online[/SIZE]

July 20, 2008
[SIZE=2](2nd UPDATE) Oil firms to cut diesel prices by P1.50/liter[/SIZE] [SIZE=2]

Oil companies have agreed to cut the prices of diesel by P1.50 per liter in an attempt to give relief to the public and cushion the impact of high fuel prices.[/SIZE]
[SIZE=2]In a hastily called press conference, Press Secretary Jesus Dureza announced that the price reduction will take effect Sunday midnight.[/SIZE]
[SIZE=2]Major oil players Petron Corp., Pilipinas Shell Petroleum Corp. and Unioil Petroleum Philippines confirmed the price reduction. Malacañang said it is expecting other oil firms to follow suit.[/SIZE]
[SIZE=2]Dureza said the price cut was the result of President Arroyo’s appeal to oil companies to lower their diesel prices.[/SIZE]


[SIZE=2]Petron spokesperson Virginia Ruivivar said the oil company acceded to Mrs. Arroyo’s request because it could still accommodate the price cut. She, however, admitted that the oil company will have to recover this eventually.[/SIZE]
[SIZE=2]She also could not say if Petron would be willing to implement another price reduction if the President makes the same appeal in the future.[/SIZE]
[SIZE=2]In an ANC interview, Shell spokesman Roberto Kanapi said the oil company will adjust its diesel prices accordingly. [/SIZE]
[SIZE=2]Unioil, meanwhile, said it will implement the P1.50 per liter drop in its diesel prices at 12:01 Monday, citing market competition. [/SIZE]
[SIZE=2]Dureza’s announcement came as diesel pump prices went as high as P58.98 per liter Saturday after oil companies implemented the 20th and highest weekend price hike.[/SIZE]
[SIZE=2]Radio dzMM's oil price monitoring report said Shell's diesel increased by P3 per liter at 6 a.m. Saturday. From P55.98, the company's diesel is now at P58.98. Shell's unleaded gas and premium gasoline, meanwhile, went up by P1 per liter.[/SIZE]
[SIZE=2]Eastern Petroleum was the first to implement the price adjustment at 5 a.m. Saturday followed by Seaoil Philippines Inc, Shell, and UniOil at 6 a.m.[/SIZE]
[SIZE=2]Eastern Petroleum Corp., Chevron Philippines (formerly Caltex) and Unioil Petroleum Phils. also announced the P3 per liter jump in diesel prices.[/SIZE]
[SIZE=2]Unioil's kerosene products increased by P2 per liter, Chevron by P1.50 per liter and Shell, P1 per liter.[/SIZE]
[SIZE=2]Flying-V, meanwhile, raised the prices of its diesel and kerosene.[/SIZE]
[SIZE=2]Saturday's price hike was the 20th this year, and the P3 per liter increase in diesel was the highest so far this year.[/SIZE]
[SIZE=2]Oil companies said more price hikes may be implemented in the coming weeks, citing more underrecoveries, particularly in diesel.

[/SIZE] [SIZE=2]Cecille Lardizabal, ABS-CBN News and Ruby Tayag, radio dzMM[/SIZE]

[Tailhook]

Count me in. I'll be gassing up exclusively from now on with the new SeaOil station near our place instead of Petron.

Even if it doesn't affect the big four, I refuse to be a willing participant to their charade. Kung manloloko sila, hindi ako sasama sa mga mabibiktima nila. hmp.

Just because we cant do anything with the situation doesn't mean that we should just lay down and take it in the *ss. No way jose.

[uls]

the oil companies lowered their prices coz the govt is already in pseudo-price-control mode.

If the govt keeps making life harder for the oil companies, soon high fuel prices won't be the only problem.

Abangan ang mga "OUT OF STOCK" signs sa mga gas stations.

[empy]

i find the news in that ABS CBN article ironic because that is the first verifiable account of price fixing in this thread - only it is done by the president of the country and it is in a downward direction :hihihi:

for those people concerned about potential profiteering, may i suggest that you look at the income statements of these companies' Philippine subsidiaries? as public companies these statements should be public record and most likely on the internet.

look at their gross margin and earnings before interest/depreciation expenses (EBITDA) ratios. then compare them to those of other industries and see if you find them unreasonably high.

i took my own advice and found this chart from 2005. sorry, i couldn't find anything more current. source is BusinessWeek.

[empy]

dp..... :seeth:

[Jun aka Pekto]

OT
I'm sure the recent posts can spread to other threads here, namely:

- Will GMA's actions here earn her party some brownie points

and

- Can ABS-CBN's reporting of this matter mean it's not all bad?

Just wondering with all the flak directed at them....

[Jun aka Pekto]

*Jun--You still have $3.** per gallon gas!!! Heck, here on base it's $4.28 and off base it's $4.92 per gallon. How I wish I still had $3.** gas. Come to think of it just a year ago we had $2.87 gas on base.

$4.92 a gallon...... That's even higher than California's average. Well, the only comfort I can provide is that it's still not as high as Canada's....

Canada Average: green
USA Average: red
Our locality: blue

[pinkerton]

the BIG question is why can't we allow oil companies to lose money. isn't that the main message of the oil deregulation law? oil will be treated like any other commodity/product.

if they can't raise their prices exactly the same time as the world market bec. of an intervention by the govt. then how come they have the right to recover to losses in the future?

ganito din ba other commodities or other import products?

wala pang product/commodity beside oil na puwede magdikta na teka-teka muna, meron pa kaming loses last year and 2 years ago, kailangan bawiin today. bakit ganun?

[mazdamazda]

for those people concerned about potential profiteering, may i suggest that you look at the income statements of these companies' Philippine subsidiaries? as public companies these statements should be public record and most likely on the internet.

look at their gross margin and earnings before interest/depreciation expenses (EBITDA) ratios. then compare them to those of other industries and see if you find them unreasonably high.

i took my own advice and found this chart from 2005. sorry, i couldn't find anything more current. source is BusinessWeek.

I've posted about this before... the net income of the big three or four (or whatever stupid ranking) is near the industry average (although the net income is quite small compared to their revenues).

What's funny is while people are so mad about energy companies, they turn a blind eye to telco companies who are raking in HUGE profits year after year after year. The combined net income of Petron, Caltex and Shell is not even close to that of PLDT's.