Oil firms welcome lift on fuel price freeze

Oil firms to adjust slowly to meet current market prices
Nov 16, 2009

The country's biggest oil companies welcomed government's decision to lift the price freeze on fuel with the issuance of Executive Order 845 but assured the public discounts will continue in calamity-hit areas.

Petron is extending discounts on fuel products until the end of the month and on automotive and motorcycle lubricants until December 31.

"We wish to assure the public that we are doing our best to ensure a continuous and reliable supply of fuels while ensuring that price moves are in line with international price changes," Petron president Eric O. Recto said in a statement.

Pilipinas Shell will continue providing discounts to transport groups, GMANews.TV reported.

Meanwhile, Chevron Philippines (formerly Caltex) has yet to comment, saying the company has yet to receive a copy of the new EO.

"We understand that there a number of provisions in EO 845 that follow the recommendations made by Energy Secretary Angelo Reyes which formed the bases for the President to lift EO 839. We want to see and review how these were incorporated into the new EO first so we can determine how we will proceed from there," said Mark Quebral, Chevron manager for policy, government and public affairs.

Quebral also cautioned that "supply and price distortions that were created in the course of the implementation of EO 839 are expected to still prevail over a period of time as the market adjusts slowly and returns to normal market driven conditions."

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