Saturday, August 09, 2008 Audit on oil firms to proceed
PRESS Secretary Jesus Dureza said despite the P.50 to P1 rollback on the prices of diesel and gasoline, the auditing of the records of different oil companies would still push through.
Dureza said oil prices remain volatile, which means prices could easily go up again, and the government wants to ensure that any future increases would be justified.
He added that the public also needs to accept and understand the volatility of the prices, and eventually “understand and accept whenever there is an increase that is something that they should accept in the pump prices; and if there is reduction in the prices in the world market, they would like to expect an immediate reduction.”
Dureza also welcomed the rollback acknowledging that the oil companies are finally reflecting the reduction of fuel prices in the world market in their local pump prices.
He said instead of suspecting the sincerity of the oil firms in bringing down their prices, about a week after President Gloria Macapagal-Arroyo ordered the auditing of their books, “we should first thank the oil companies.”
“I think we should welcome it. Oil prices are by the way dictated by the market forces. That government is there to see to it that consumers get a fair share in the reduction in the world market, and that consumer will also understand and accept if there is an increase in the prices of oil in the world market,” he added.
Dureza also stressed that the government is not forcing the oil firms to bring down their prices adding that it is decision that only the oil companies themselves could decide.
“We cannot compel them (oil firms). It will depend on whether by taking that position of no rollback, whether it is good for the business. If they feel they can sustain more clientele, more buyers in their station by keeping their prices high. It’s their judgment call, it’s a business decision,” he added. (JMR/Sunnex)
