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Friday, October 31, 2008
Oil firms asked: Open the books
MANILA -- Oil companies cut prices by P5 per liter for diesel and P2 per liter for gasoline and kerosene products on Thursday.
But Senator Mar Roxas said Thursday's price cuts were not enough, especially with the huge drop in world oil prices, which have gone down to below $70 a barrel in Dubai.
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Roxas, chairman of the Senate trade and commerce committee, and Sen. Francis Escudero challenged oil companies to be transparent to the public and open their financial records to determine if more price cuts could be implemented.
"The prices of oil in the world market have dropped tremendously. Is this the most that they could reduce their prices?" Roxas said.
Roxas asked the Department of Energy (DOE) to review the financial records of the "Big Three," Shell, Petron and Caltex, to determine if the price can be lowered further.
"Why can't Energy Secretary Angelo Reyes force these companies to open their books so we can check if the prices of their products are fair. We can determine if the prices could be further cut if we know how much income is being earned by these companies. We can also find out if there is truth to their claims that they have yet to recover from their losses when oil prices soared earlier this year," Roxas said.
Escudero, in a statement, said "the issue is still transparency in oil pricing which oil companies should strive to explain to the people."
Malacañang, meanwhile, said it is hoping that prices of liquefied petroleum gas (LPG) as well as transport fare would go down following Thursday's oil price cut.
Deputy Presidential spokesperson Lorelei Fajardo said Malacañang is pleased that oil companies responded to appeals by the different sectors, including the Arroyo administration, for a reduction in pump prices.
"This will bring relief to the consumers and possibly help reduce prices of selected commodities," she said.
Fajardo said the Palace will continue to hold discussions with oil firms to further reduce prices.
"Oil is at a very low US$60 per barrel and Malacañang is working to ensure that there will also be a significant reduction in the prices of major commodities and services," she said.
Malacañang is also expecting fares to go down after Pinag-Isang Samahan ng mga Tsuper at Opereytor Nationwide expressed openness to cut minimum fare.
Piston is also set to meet with the Land Transportation Franchising and Regulatory Board next week to discuss the reduction in fares. (Sunnex/PNA)
For more Philippine news, visit Sun.Star Davao. (October 31, 2008 issue)
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