Shell: Expect oil price rollback by Thursday or Friday

MANILA, Philippines – With the world oil prices plunging to $61 per barrel, Pilipinas Shell on Monday hinted at another round of price reduction on its oil products. In an interview with reporters at a gathering of tricycle drivers and operators and at the SM Mall of Asia, Pilipinas Shell President and Chairman Edgar Chua said that the rollback may be implemented on Thursday or Friday. This is also the oil firm's response to President Gloria Macapagal Arroyo’s request for a substantial oil price reduction from oil firms, Chua said. “Tinanong ako ni Presidente bago siya nagsalita. Sabi naman natin ‘pag nagpatuloy yung trend na nakikita natin, there should be further reduction. I think we can look forward to something by Thursday or Friday (The President requested me for a rollback before her speech. As what we said earlier, there should be further reductions if oil prices in the world market continue to plunge. I think we can look forward to something by Thursday or Friday)," Chua said. President Arroyo, who was special guest of honor and speaker in the event, thanked Chua for his move to reduce their oil prices. “Salamat sa mga susunod pang price rollback. (Thank you for succeeding price rollbacks)," the President said. She further assured the public that the government will sustain its efforts in fighting poverty amid the global economic crisis. “We are facing strong challenges. During these troubled times, tungkulin ng pamahalaan na…gawing maginhawa ang pabigat sa taong bayang Pilpino na dala nitong biglang pagtaas ng presyo (the government has the task to lighten the Filipinos’ burdens caused by the sudden increase in prices)," President Arroyo said. A separate radio report said that Chua and the President awarded six "Pepeng Pasada Diskwento" cards to coalition leaders of six tricycle groups. The card provides a P1-energy discount from any of Shell’s gasoline stations nationwide. The QTV television report added that members of the “Pepeng Pasada Club" were given a P1 per liter discount on gasoline prices and as much as a P5 per liter discount on advanced lubricant prices. The discounts will last until the end of the year. Health benefits and scholarships were likewise distributed. Following Shell’s announcement, Energy Secretary Angelo Reyes is moving to meet with representatives of major players Petron Corporation and Chevron Philippines Inc. to discuss a possible rollback from the two firms. On the other hand, dzBB reporter Carlo Mateo said that militant group Bagong Alyansang Makabayan (Bayan) pushed for a P11 per liter rollback, which is P3 more than P8 per liter price cut they demanded during the past weeks. Senators Benigno “Noynoy" Aquino III and Francis Pangilinan, for their parts, likewise slammed the country’s three biggest oil companies – Shell, Petron, and Chevron, collectively known as the “Big Three" – for their staggered oil price rollbacks. Another dzBB report quoted Aquino as describing the “Big Three" as “abusive" because of the delay in implementing a substantial oil price reduction amid the continuing downtrend in the world market price of oil. For the month of October, the “Big Three" has so far reduced their gasoline, diesel and kerosene prices by P2 per liter. - Sophia Dedace and Johanna Camille Sisante, GMANews.TV