The Independent Philippine Petroleum Companies Association yesterday decided to freeze their product prices next week to allow victims of torrential rains and floods to get back on their feet.
IPPCA Chairman Fernando Martinez said the 10-member group agreed not to raise prices temporarily in the spirit of solidarity.
The IPPCA’s price freeze will be enforced on a nationwide scale.
“It’s a big sacrifice, but this will allow our customers to recover from the heavy rains and floods,” Martinez, who is the chief executive officer of Eastern Petroleum Philippines, said.
Unioil Philippines, which is also IPPCA member, said its price freeze started Friday until next week.
“Unioil Petroleum Philippines Inc. will implement a price freeze starting today until next week. This is to sympathize with our people affected by flood brought by the southwest monsoon rains,” Unioil corporate communications officer Leah Flor said.
IPPCA also includes Seaoil Philippines, Flying V, Eastern, Filpride, Filoil, City Oil, Pryce Gases, and the Liquefied Petroleum Gas Marketers Association.
The IPPCA was established in 1997 and is composed of the country’s leading "small" oil players.
Meanwhile, the country’s three biggest oil firms — Pilipinas Shell, Petron Corp. and Chevron Philippines (formerly Caltex) — earlier made a similar commitment to keep fuel prices as is next week in certain areas.
These are the National Capital Region, Bulacan, Rizal, Pampanga, Bataan, Zambales, and specific towns in Laguna and Cavite that were hardest hit by floods.*PNA