Oil firms asked
to shelve plans to raise prices
As OPEC OKs
hike in output
By DIEGO C.
oil firms yesterday to shelve their plan to raise the fuel prices, following
the decision of the Organization of Petroleum Exporting Countries (OPEC)
to raise their production levels.
Ronaldo Zamora said the OPEC decision renders moot the oil firms' plan
to impose a new fuel price hike.
ganoon kalaki, why go through the aggravation, di ba? Bakit makikipagguluhan
pa? Baka naman puwedeng tiisin nang konti sapagka't bumabagsak na rin ang
presyo (If the price hike won't be that much, why go through all the trouble
and instigate protests from various sectors? Perhaps the oil companies
can wait for a while since crude oil prices are expected to drop anyway),"
Zamora said in an interview.
to reports, the oil cartel has decided to raise output levels by 3 percent
-- 710,000 barrels a day -- in a bid to control spiraling oil prices.
stated that United States Energy Secretary Bill Richardson has welcomed
the move, saying it would be good news to consumers. The US is OPEC's biggest
The oil members
of the OPEC member countries also said they are looking at a target price
of $25 per barrel, from a high of $33 in past weeks, the reports said.
ko kung may itataas ang oil companies di puwedeng masyadong malaki. Ang
$25 yan ang presyong dinaanan natin just a few weeks ago (If oil firms
decide to do so, they cannot increase prices too much. The $25 per barrel
being targeted by the OPEC was the same price level that we had just a
few weeks ago)," he said.
the government asked oil companies to wait for the outcome of the OPEC
meeting before pushing through with their plan to raise prices of their
Joseph Estrada said he might call a meeting with executives of oil firms
if they insist on raising their prices.
B. Villar said yesterday on the OPEC decision to increase production by
decision by the Organization of Petroleum Exporting Countries (OPEC) to
increase production in July by 3%, the country's oil firms must now study
the possibility of lowering the prices of their products.
consumers have been burdened with the spiraling costs of oil prices, and
this development, which may result in lower crude oil prices in the world
market must be taken into consideration by oil firms.
"It is only
logical that a rollback in oil prices be in order soon."
was asked in the House of Representatives yesterday to strengthen the Philippine
peso as an effective way of bringing down the prices of oil products.
Ernesto F. Herrera said the administration "must do better to strengthen
the peso as this would work to cut down the prices of oil products."
He said the
Organization of Petroleum Exporting Countries (OPEC) has agreed to raise
crude oil production by 710,000 barrels per day yesterday but this "may
not even be enough reason for the Big 3 oil companies to suspend the increase
in the prices of oil products.
He said OPEC
members "could have increased their production by one million barrels a
day, but we doubt if this would dent the iron will of the local oil cartel
to raise prices."
lawmaker said it was "useless to appeal to the social conscience of the
big oil companies dead-set on getting back their under-recovered funds."
can stem the upward surge of oil prices by stabilizing the local currency,"