(Update) 4 oil players to hike pump prices Tuesday
AIE BALAGTAS SEE, GMANews.TV
11/23/2009 | 10:58 PM
Four oil players including Petron Corporation and Pilipinas Shell on Monday said they would raise their pump prices by P1.50 a liter.
Petron, Shell, and independent oil firms Eastern Petroleum and Flying V said the price adjustments on their gasoline, diesel, and kerosene products will take effect 12:01 a.m. Tuesday.
This would be the second round of oil price adjustments since President Gloria Macapagal Arroyo lifted Executive Order 839, which placed price cap on fuel products, last week.
The government placed a price cap on fuel products in order to assist Luzon residents recover from the economic difficulties caused by tropical cyclones Ondoy and Pepeng.
Mrs. Arroyo removed the freeze order under the condition that oil firms would hike their pump prices on a staggered basis. Oil companies said they have to recover at least P4.50 a liter to regain the losses they incurred during the implementation of EO 839.
Oil players were requested to provide discounts of P2 per liter on diesel, P1.25 per liter on gasoline, and P1.50 per liter on kerosene in areas that continue to suffer from the devastation caused by the recent tropical cyclones.
These areas include the cities of Marikina, Malabon, Pasig, and Baguio, the provinces of Pangasinan, Benguet, Rizal, Ilocos Norte and Ilocos Sur, and Mountain Province, and the eastern portion of Laguna province.
Malacañang had warned that it would not think twice about re-imposing the price cap on fuel products in order to prevent oil firms from abruptly increasing their pump prices. - KK, GMANews.TV
Petron, Shell, and independent oil firms Eastern Petroleum and Flying V said the price adjustments on their gasoline, diesel, and kerosene products will take effect 12:01 a.m. Tuesday.
This would be the second round of oil price adjustments since President Gloria Macapagal Arroyo lifted Executive Order 839, which placed price cap on fuel products, last week.
The government placed a price cap on fuel products in order to assist Luzon residents recover from the economic difficulties caused by tropical cyclones Ondoy and Pepeng.
Mrs. Arroyo removed the freeze order under the condition that oil firms would hike their pump prices on a staggered basis. Oil companies said they have to recover at least P4.50 a liter to regain the losses they incurred during the implementation of EO 839.
Oil players were requested to provide discounts of P2 per liter on diesel, P1.25 per liter on gasoline, and P1.50 per liter on kerosene in areas that continue to suffer from the devastation caused by the recent tropical cyclones.
These areas include the cities of Marikina, Malabon, Pasig, and Baguio, the provinces of Pangasinan, Benguet, Rizal, Ilocos Norte and Ilocos Sur, and Mountain Province, and the eastern portion of Laguna province.
Malacañang had warned that it would not think twice about re-imposing the price cap on fuel products in order to prevent oil firms from abruptly increasing their pump prices. - KK, GMANews.TV
