Oil price rollback not meant to prop up Arroyo ratings

source:http://www.gmanews.tv/story/108201/Reyes-Oil-price-rollback-not-meant-to-prop-up-Arroyo-ratings

(Updated 12:55 p.m.) MANILA, Philippines - Energy Sec. Angelo Reyes on Monday fended off speculations that the P1.50 per liter rollback in price of diesel over the weekend is part of the effort to boost the ratings of President Gloria Macapagal Arroyo as the State of the Nation Address (SONA) nears. GMA's Flash Report quoted Reyes as saying that President Arroyo merely exercised her "persuasive powers" on Petron Corp. to rollback its diesel price to lessen the burden brought by the steep P3 per liter increase in the price of petroleum products. Diesel prices rose by P3 per liter on Saturday despite the drop in global fuel costs. The said increase, the 20th time this year, is so far the biggest hike imposed by oil companies. After Petron lowered its prices, other oil companies such as Pilipinas Shell Petroleum Corp., and Eastern Petroleum Corp reduced the prices of their diesel products by P1.50 per liter Sunday midnight. The television report said Reyes met with oil companies on Monday morning.Emerging from the meeting, Fernando Martinez, Eastern Petroleum president, said they reduced their prices after Mrs Arroyo made the appeal. However, Martinez said he is not sure if the oil companies will heed the President if she will appeal for a rollback again."May saturation point yan, hindi porke nag-appeal e merong parating ganyan. Kung hindi kaya talaga mayroong punto na hindi magsusunuran sa anumang rollback (There is a saturation point. It does not mean that there will be a rollback whenever the President appeals for one. There's a point that oil companies could not afford to lower prices)," Martinez said.For his part, Francis Glenn Yu, Seaoil Philippines Inc president, said they followed other oil companies in lowering their prices because if they will not, they might lose their customers. Earlier, Malacañang blamed the continuous rise in the prices of fuel and food for the sagging popularity of Mrs Arroyo.Results of surveys conducted by the Social Weather Stations showed a plunging trend in the President's satisfaction rating: -11, -16, -26, and the latest -38, which made her the most unpopular leader since 1986.Meanwhile, Sunday's P1.50/liter rollback in diesel prices was not a pre-SONA gimmick but a case of "corporate social responsibility" by oil firms, Malacañang said.Radio dzBB's Nimfa Ravelo reported that Presidential Management Staff (PMS) head Cerge Remonde belied claims that President Arroyo struck an "exchange deal" with oil firms for the rollback.He also took a dig at critics of the rollback, saying they should have "welcomed and supported" the rollback instead of questioning its motives.Remonde also urged them to "set aside partisan politics" especially in the face of rising fuel prices. - Amita Legaspi, GMANews.TV