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New Price Rollback for January 2009

Tuesday, January 06, 2009

Uyyy...Ang sweet! Hahaha!

Good news for everyone! The Department of Energy is expecting a major rollback in prices of diesel and gasoline this January. This has been the expected outcome since the prices of oil has not risen significantly in the last few months of 2008. Prices are still too high as to what is computed as fair in the 3 big oil companies.

Energy Secretary Angelo Reyes formally contradicted newbie local oil player Flying V that there would not be a rollback this month because the trend of oil prices is going up in the world market and they have already given the discounts as early as December of last year. They are also warning the public that the oil prices will continue to gain momentum and raise a few dollars more in the coming months. Reyes defended this stand stating that the prices of crude oil in the US was higher even in November which justifies the expected rollback for this month. If it's not given what's due, then an investigation will push through for these private companies he stated.