Oil price rollback too small -- solon

An opposition congressman chided Petron, Caltex and Shell yesterday for what he described as the small and insignificant price rollback the three firms are planning to make this week or next.

"The inconsequential rollback they acceded to betrayed their indifference to the plight of the suffering masses. No doubt they made computations first to ensure they would maintain their high profit despite the rollback," said Rep. Jose Apolinario Lozada Jr. (Lakas, Negros Occidental).

He said the planned price reduction of 25 centavos was only about a fourth of the last round of increases that the three oil firms had effected, which was about 80 centavos per liter.

Lozada disputed the claims of Petron, Caltex and Shell that they were still trying to recoup losses arising from their decision to delay price adjustments in the past due to appeals from President Estrada.

"To say they are still in the red is a big lie. They would have closed shop a long time ago if their claim was true. The fact that they are still in existence belies this assertion," he said.

He also urged the concerned agencies to bring down consumer prices and transport fares once the promised oil price rollback is effected.

He said traders and retailers and transport operators always increase their prices and fares whenever oil prices go up but don't make a corresponding adjustment when oil companies effect a rollback.

These businessmen are fattening their pockets at the expense of consumers, he said.

He said Trade Secretary Mar Roxas should set a precedent by asking or pressuring traders and retailers to bring down their prices. --