Press Release
August 22, 2011

On Oil Price hike: To increase or to decrease

The oil companies are not only a slowpoke in rolling back prices but also slow in making announcement of a possible price cut while it takes them nanoseconds to increase or announce a price adjustment.

When oil prices were declining, the oil firms appeared tentative in cutting down their pump prices, which until now has not even reached the total of P5 in overall price rollbacks.

When oil prices started to show some upward movement over-the-weekend, oil firms were quick to telegraph a possible price hike of P1.50 per liter this week.

But when world oil prices suddenly plunged before their 'fat cats' went out for lunch Monday, the oil firms clammed up and retreated to their cash vaults, waiting for a "miracle" to happen within the day.

Now, would the oil firms stick to their telegraphed plan this morning to increase prices or should they start talking how much pump prices be cut?

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