Business Services Industry
FUEL PRICE REDUCTION IN PHILIPPINES RECEIVES PRAISE.
AsiaPulse News, May, 2003
MANILA, May 30 Asia Pulse - Industrialist and consumer welfare advocate Raul T. Concepcion, chairman of the Consumer and Oil Price Watch (COPW), has welcomed the fuel pump price reduction announced by the country's three major oil companies.
The so-called Big Three reduced the fuel prices by an average of 34 centavos (40 centavos gasoline and 30 centavos diesel) effective today, May 30.
In a statement faxed to the Philippines News Agency (PNA) in Manila from San Francisco, California, Concepcion said the latest price reduction brings the total pump price cut to P1.02 (24 centavos on May 6, 44 centavos in May 16, and 34 centavos on May 29).
The total amount is 2 centavos more than the COPW's expected one peso reduction for the month of May.
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