Birthday wish: Oil price rollback

In a day weighed down by bad news, a little wishful thinking won't hurt.

Celebrating his 63rd birthday, President Estrada said yesterday he wished oil companies would roll back fuel prices earlier than expected.

"I will do everything to make life easier for our countrymen," the President explained in his weekly radio program "Itawag Mo kay Erap" over dzRH.

Mr. Estrada said that although he realized that oil companies still have a crude oil stockpile equivalent to two to three months' inventory, he said he won't give up trying to get a price rollback before that period is over.

"I will try," he promised.

"We are doing everything to bring down gasoline prices as soon as possible," he added.

He said he was optimistic because in previous talks with top executives of oil firms, his requests for lower price hikes were usually granted.

The President said he has already instructed Energy Secretary Mario Tiaoqui to work to bring down prices "as soon as possible."

Although crude oil prices have gown down to $21 per barrel, oil companies bought their present stock at about $28 per barrel some three months ago.

The lower oil prices may be attributed to the decision of the Organization of Petroleum Exporting Countries to increase production by 1.4 million barrels mainly in response to pressure from the US and other oil-importing nations which have been reeling from the rapid rise in oil prices.

Tiaoqui, for his part, earlier told newsmen that oil companies have been consistent in their claim that they could not immediately roll back prices as they still have to recover their losses.

"The oil companies told us they would like to recover their losses first. Remember that they have been forced to temper their price increases due to political and social pressures," he pointed out.

Still, a little wishful thinking from an influential man on his birthday won't hurt at all.