MANILA, Philippines—Motorists are in for a relief this week as the weekly fuel prices thaty were expected to increase did not happen.
Independent oil firms Sea oil Philippines Inc., Flying V and Eastern Petroleum Corp. said that since the international oil prices have been dropping the past several days, they would not be hiking pump prices.
“We’re looking at international prices. Since they are softening, there’s an opportunity for us not to increase [prices] this weekend,” Seaoil president Glenn Yu said in a telephone interview on Thursday.
Quelling speculation the price hike freeze was only a prelude to President Gloria Macapagal-Arroyo’s State of the Nation Address (SONA) on Monday, Eastern Petroleum chair and chief executive Fernando Martinez said there was nothing political about the oil firms’ decision.
“We’re giving a respite to our customers. The price trend is downward now, but we still have to wait and see. There was no appeal from the President for us to do this,” he said.
Data from the Department of Energy showed the regional benchmark Dubai crude hit a July average of $134.67 a barrel from $127.82 in June.
The latest average was lower than the $137.02-a-barrel posted as of the end of last week.
The price of unleaded gasoline based on the Mean of Platts Singapore (MOPS) benchmark for refined petroleum products went down to an average of $139.59 a barrel in the period of July 1-24 from $140.30 a barrel last month.
As with crude, this was also lower than the July 1-17 average of $142.91 a barrel.
MOPS-based diesel climbed to an average of $172.74 a barrel within the first 24 days of the month from the June average of $169.36 a barrel—falling from the $175.73-a-barrel average registered in the first 17 days of the month.
http://newsinfo.inquirer.net/topstories/topstories/view/20080725-150571/No-oil-price-increase-this-weekend
15 comments:
This is good news for everyone, there's hope that gas prices can still be maintained or lowered. The government was wise to let the gas prices stable for the weekend and should make motorists happy for the meantime even though we are still experiencing a crisis. This is really good news for us all and hopefully it continues into the future.
wow!! really? good news for everyone... pero bka now lang yan tpos pg magincrease nman doble nmn kya prang nkktkot rin kasi bka no use rin ito... palubog n tlga ng palubog ang pilipinas
that does not mean that the oil prices will stop increasing. The oil price hike will continue next week or next month.
This is the only good thing I heard or read this weekend. -.-
Oil prices have been going down for the past week or so. It's currently at $124 as of this post. Expect some rollbacks in a month as oil companies still have to gain some underrecovery but this is good news indeed.
Oil price is very related with economy. so if the prize keeps increasing, there would be a terrible economic panic.
congrats everyone!
This might only be a low light that makes a big dark shadow. haha.
in my opinion, these oil prices will probably continue to increase. Maybe next week it will be doubled? who knows? the economy is very unstable now-a-days.
that is just temporary, maybe next week it will increase again
With the oil demand very high, prices will have low chances of dropping down/roll back, and expect the oil companies to make up their loss income from sky rocketing prices once the price on the world market drops down.
This should continue in the next weeks because this really helps each and everyone of us. If oil prices continue to depreciate, then everything else will depreciate soon. This will definitely make our lives more comfortable!
It's good news for everyone, because it's nice to take a break from the continuous increase of prices of petroleum prducts. Having this in mind, it's good to hope that this would continue but there's a big chance that the prices will again continue to increase.
Grabe naman. Masaya na tayo sa isang linggo na hindi pagtaas ng presyo ng oil? Tsk. Habang tumatagal nakukuntento na tayo kahit sa maliliit na pagbabago lang. Sana sa susunod, malaking pagbabago naman ang mangyari. Yung hindi lang pang isa o dalawang linggo.
Ganyan naman talaga eh.. isang linggong hindi tataas.. pagkatapos tataas nanaman ng 1.50. Pag nag rollback, mga 0.50 lang.. tapos pagtumaas nanaman, 1.50 ulit.. oh diba, mauutak?? babawasan pero dodoblehin ang pagtaas..
good news yan last month. pero nagtaas na ngayon. wala rin. pero atleast, may mga tao na naka-save ng money nung time na yun. nagpapamahal lang naman sa mga gamit ngayon ung VAT e, dapat wala na VAT. hindi rin naman nagagamit ng maayos yung pera e. sayang lang. kawawa pa tayo. si Gloria kasi e.
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