VP NOLI LAUDS ROLLBACK, ASKS TRANSPORT FARES TO FOLLOW SUIT
November 2, 2008

Vice President Noli “Kabayan” De Castro lauded yesterday the major oil players for making bigger reductions on the prices of petroleum products but wants more cuts in the future as world prices of oil go down.

“I am happy they lowered it by as much as P2.50 in gasoline and P6 in diesel. But it is a common observation that the prices can still be lowered. I continue to knock on their corporate conscience, asking them to feel for the plight of the public,” De Castro said.

Earlier, De Castro called on the big oil players to make a big time rollback and urged them to temper their profits.

De Castro also noted that with the oil price reduction, prices of basic commodities and transportation fare should follow suit. He criticized the usual business practice of taking advantage of the fixed demand of the buying public.

“Basic economic principles dictate that when factors of production such as fuel costs are lowered, prices of other goods and services should go down as well. During these difficult times, business enterprises especially manufacturers should forego unconscionable profits and instead exercise good corporate social responsibility,” De Castro said.

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