RP oil firms cut price hike

RP oil firms cut price hike

MANILA (DPA): Oil companies in the Philippines on Saturday
told President Joseph Estrada they would scale down impending
increases in petrol and petroleum products.

But the oil companies rejected Estrada's request to hold off
petrol price increases, citing the drop in value of the
Philippine peso and the rise in crude oil prices on the world
market.

Top executives of Petron Corporation, Pilipinas Shell
Petroleum Corporation, Caltex Philippines Incorporated, and Total
Petroleum Philippines Corporation agreed to cut their proposed
price hikes by almost 50 per cent.

A proposed 95-centavo (0.023 dollars) per liter increase in
petrol prices, for example, would be halved to 50 centavos (0.012
dollars) per liter.

Oil companies also agreed to postpone indefinitely a proposed
40- centavo (0.01 dollars) per kilogram increase in liquefied
petroleum gas, which is used by households and commercial
establishments.