Pilipinas Shell has implemented, starting Thursday, a P1 per liter discount for public transportation vehicles after President Benigno Aquino III called the oil company’s president Ed Chua to discuss ways of easing the effects of oil price increases.
The Palace appreciates “this demonstration of a shared commitment to cushioning the impact of high oil prices in the global market on the part of Shell," presidential spokesperson Edwin Lacierda said at a press briefing in Malacañang, adding that other oil firms will hopefully follow Shell’s announcement. Aquino earlier expressed openness to the suggestion of Senator Ralph Recto that oil firms should schedule their price hike on a monthly basis instead of weekly, but added that the oil firms will have to be consulted about this. Aquino noted that there has to be a middle ground especially now that the price of oil in the world market keeps on increasing due to the cold weather. “Perhaps that can be a formula that can meet their [oil companies’] needs and also meet our desire to keep the prices more reasonable. The winter [season] that seems to be much colder this year is still exacerbating the demand for oil," the President said. Aquino also said he wants to study the oil deregulation law. “There is need to ensure that the competition that is central to the oil deregulation law really does happen. I really was wondering, how come they [oil firms] all increase their prices to the same level and roughly at the same time and there should have been different efficiencies that would have produced the price factors," said the President.
"So that is, I guess, an aspect that I want to really study further," he added.—Amita O. Legaspi/JV,
