Friday, August 29, 2008 Energy chief announces more oil rollbacks
"SOME more reductions might be forthcoming."
Energy Secretary Angelo Reyes issued the statement even as the prices of fuel in the world market went up again due to a tropical storm that hit the Gulf of Mexico last Thursday.
He pointed out that for the month of August, the prices of fuel in the world market have dropped which means that some reductions in the domestic pump prices of petroleum products should be implemented.
"Our computation shows that we could expect some more reductions," Reyes said but he failed to answer the amount of rollback that oil firms should implement.
Zenaida Monzada, director for the Department of Energy-Oil Industry Management Bureau, meantime said so far they have not received any notice from the oil firms of any possible rollback in their prices this weekend.
The transport sector earlier said oil firms need to roll back at least P3 to P4 per liter more in the prices of petroleum products.
As of Thursday, the price of Dubai crude was placed at US$113.06 per barrel lower than the US$131.27 per barrel average for the month of July.
MOPS for unleaded gasoline for this month, on the other hand, was placed at US$115.46 per barrel, or nearly US$20 lower than the July average of US$135.27 and US$25 below the June average of US$140.30 per barrel.
Reyes said since they expect more reductions, oil companies must implement the rollback and failure to do so "we will call for them to explain (why they did not rollback their prices)."
Last week, oil firms imposed a P1 per liter reduction in the prices of gasoline, kerosene and diesel. (MSN/Sunnex)
