Philippines: IPPCA Chairman States Recovery Taking Place
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Saturday, 19 December 2009 |
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The independent fuel industry is now recovering the losses it suffered
during the three-week long fuel price freeze order enforced by the
Government during October & November, the Independent Philippine
Petroleum Companies Association (IPPCA) chairman said.
IPPCA Chairman Fernando Martinez said “Yes we have
(recovered)”. Martinez, president of independent oil player Eastern
Petroleum Philippines, pointed to the price rollback that his company
implemented, proof that the industry has recovered.
Eastern Petroleum and other oil companies have slashed its diesel and
kerosene prices by P1 a liter and gasoline by 50 centavos this week.
The wave of price cuts was the first in the domestic scene since early
October.
Fuel prices in Luzon were given a price ceiling by the Palace through
Executive Order (EO) 839, which lowered last October 23 to mitigate
damage dealt by typhoons Ondoy and Pepeng. When the order was
lifted last November 16, Martinez said oil firms had been losing at
least P4 for every liter of fuel they were selling. “If you
remember we have already made three consecutive hikes (after the EO
lifting). We have passed on the losses to the consumers,” the oil
executive said. “The softening of world market prices is a welcome
opportunity,” Martinez also said.
PetrolWorld 181209 Source : Local Media
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