Members of the IPPCA denied reports linking them to any agreement with other oil companies
December 7, 2008
by Leah Flor
Members of the Independent Philippine Petroleum Companies Association denied reports linking them to any agreement with other oil companies regarding pricing mechanism of their petroleum products as oil prices continue its downward spiral in the international market.
Independent Philippine Petroleum Companies Association (IPPCA) Chairman Fernando Martinez said they have not in any way entered into an agreement with any oil companies on the issue of local pump prices.
IPPCA members would like to clarify once and for all that we are not involved in any agreement with other oil companies concerning prices, whether as individual companies or as an association, Martinez said.
Among IPPCA's members are Unioil Petroleum Philippines Incorporated, Eastern Petroleum Corporation, Flying V, Seaoil Philippines Incorporated, Oilink International Corporation, Filpride Energy Corporation, Filoil Finance Management Corporation, Chemrez Technologies Incorporated, Liquigaz Philippines Corporation, Pryce Gases Incorporated, Senbel Corporation, Cityoil, Phoenix and IEPI.
Independent oil companies have been leading the field in reducing pump prices in recent weeks with the decline in the global market.
Martinez also denied a statement issued by the Consumer and Oil Price Watch (COPW), a consumer watchdog group that they have agreed to an "All Even or Patas Na" situation regarding under-recoveries in the pricing mechanism.
We deny the allegations of COPW that we have agreed to an All Even or Patas Na situation and that we have agreed having no more under-recoveries, Martinez said.
"We deplore any practice by any interest groups of speaking in behalf of our association or any independent company members without prior clearance as this often leads to misconception, he added.