LOCAL : Arco Sets Freeze on Fuel Prices
Atlantic Richfield Co. today froze wholesale fuel prices for one week, becoming the first U.S. oil company to heed a request by President Bush to control prices during the Middle East crisis.
Los Angeles-based Arco said prices of gasoline and diesel and jet fuel would remain at today’s level.
“We hope the market will stabilize during this time, but if at the end of the week our position is out of line with world market prices we will have to recognize that fact,†George Babikian, president of Arco Products Co., the company’s refining and marketing division, said in a statement.
“We will not raise our prices even then, unless we are substantially below the general market,†he said.
Arco said it was encouraging its dealers not to increase pump prices. The company also called for the driving public to begin conserving fuel “in support of the President’s effort to lead the country through this crisis.â€
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