“NO SHORTAGE OF PETROLEUM PRODUCTS”
October 27, 2009
“NO SHORTAGE OF PETROLEUM PRODUCTS”
After initiating the reduction of pump prices of its petroleum products last Sunday in compliance with President Gloria Macapagal-Arroyo's order immediately without hesitation, Unioil Petroleum Philippines Incorporated (UPPI) on Tuesday assured the public it has enough supply of diesel, gasoline and kerosene for the local market.
“We would like to assure the public that Unioil has enough supply of petroleum products in our inventory to comply with the President's directive. There will be no problem in the normal flow of petroleum products in all our retail stations,” Unioil General Manager Chito Medina-Cue said.
At the same time, the official stressed they can bring in fuel products from foreign suppliers within three days if there is a shortage of supplies in the local market.
“There is nothing to be afraid of as there is no shortage of supply in the international market for finished petroleum products. To bring in the products, we will just need three days at the most as long the appropriate government agencies will expedite the processing of documents for the release of the imported fuels,” Medina-Cue said.
Medina-Cue added that the company's service and retail stations are complying with the decision to roll back pump prices following the issuance of Executive Order (EO) 839.
The President’s order last Oct. 23 directed the oil industry players to maintain prices of petroleum products prevailing before tropical storm “Ondoy” and typhoon “Pepeng” hit the country and brought heavy rains that caused massive floods in Metro Manila and nearby provinces.
Mrs. Arroyo earlier declared the entire country under a state of calamity because of the recent calamities to allow the Department of Trade and Industry (DTI) to impose price controls on basic goods. She later lifted her declaration except for Luzon, the hardest hit by the weather disturbances.
Unioil was the first oil player to heed the President's call slashing the prices of diesel by P2 per liter, P1.25 for premium gasoline and P1.50 for kerosene.
With the price reduction, the current pump price of Unioil’s Pure Diesel will go down to P28.04 per liter; Quantum Premium Gasoline to P34.77 per liter; Unleaded Gasoline to P36.94 per liter; Regular Gasoline to P36.86 per liter; E-10 to P36.34 per liter and Kerosene P41 per liter.
Medina-Cue said they will maintain the pump prices of their products to the October 15 level as long as EO 839 is in effect.
Major transport groups such as Pinag-isang Samahan ng mga Tsuper at Opereytors Nationwide (PISTON) and Pasang Masda as well as lawmakers such as Senator Francis Pangilinan and Aquilino “Nene” Pimentel have praised Unioil's move.
“The price cuts of Unioil are proof that other oil companies should also carry out a rollback without affecting their profits,” Pangilinan said in a statement issued on Monday.
Prepared By:
Leah C. Flor
Corporate Communications Officer