Heeding to President Gloria Macapagal Arroyo's appeal, at least three oil companies -- Pilipinas Shell Petroleum Corp., Petron Corp., and Eastern Petroleum Corp -- announced they will reduce the prices of their diesel products by P1.50 per liter starting Sunday midnight.
Press Secretary Jesus Dureza, in a press conference on Sunday, said the President earlier issued an appeal to oil companies in the country in the light of the recent P3 increase especially on diesel fuel that took effect Saturday noontime in an effort to cushion the impact of such increases to the people.
He said President Arroyo had instructed Executive Secretary Eduardo Ermita in coordination with Energy Secretary Angelo Reyes to convey her appeal to the main players of the oil industry in the Philippines.
"We are happy to announce that there was positive response from oil companies," Dureza said.
Effective Sunday midnight, a roll back of P1.50 per liter for diesel fuel will be made," he said.
Malacanang thanked these oil companies for immediately responding to the President's call.
"We expressed our thanks to the oil companies for responding positively to this. It will go a long way in cushioning the impact (of oil prices) on the Filipino people especially those using diesel fuel," Dureza said.
Oil companies raised diesel prices by P3 per liter on Saturday, pegging diesel close to P59 per liter.
The increase shocked motorists and prompted jeepney operators to call for a transport strike.
Oil industry officials have said the increases are unavoidable as local prices are still below global levels.
Ermita earlier said that the Big 3 oil firms -- Petron, Caltex, and Shell -- and new oil players should be able to explain before the public their decision to raise diesel by as much as P3 a liter, kerosene by P1.50 a liter, and gasoline by P1 a liter.
Press Secretary Jesus Dureza, in a press conference on Sunday, said the President earlier issued an appeal to oil companies in the country in the light of the recent P3 increase especially on diesel fuel that took effect Saturday noontime in an effort to cushion the impact of such increases to the people.
He said President Arroyo had instructed Executive Secretary Eduardo Ermita in coordination with Energy Secretary Angelo Reyes to convey her appeal to the main players of the oil industry in the Philippines.
"We are happy to announce that there was positive response from oil companies," Dureza said.
Effective Sunday midnight, a roll back of P1.50 per liter for diesel fuel will be made," he said.
Malacanang thanked these oil companies for immediately responding to the President's call.
"We expressed our thanks to the oil companies for responding positively to this. It will go a long way in cushioning the impact (of oil prices) on the Filipino people especially those using diesel fuel," Dureza said.
Oil companies raised diesel prices by P3 per liter on Saturday, pegging diesel close to P59 per liter.
The increase shocked motorists and prompted jeepney operators to call for a transport strike.
Oil industry officials have said the increases are unavoidable as local prices are still below global levels.
Ermita earlier said that the Big 3 oil firms -- Petron, Caltex, and Shell -- and new oil players should be able to explain before the public their decision to raise diesel by as much as P3 a liter, kerosene by P1.50 a liter, and gasoline by P1 a liter.
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