MANILA -- Oil companies that raised prices while Typhoon Juan was battering the country may soon be subjected to a “greed check” to find out if their price increase was justified.
Senator Ralph Recto on Thursday called on the Department of Energy (DOE) to investigate the “Big Three” oil firms Pilipinas Shell, Petron Corporation, and Chevron Philippines for raising prices Monday.
“They (DOE) should come out and say whether the price is correct or not, because they know the right computation, especially now that the public is very sensitive due to recent typhoon devastation,” he said.
Recto said if oil firms raised prices because of a climb in international oil prices, they should have off-set the increase against the rising peso. The peso now trades at P43.375 to US$1.
“If the value of the onslaught of typhoon Juan is an instant trigger of 50 centavos increase per liter, the corresponding value for a major, major catastrophe would surely be horrendous.” (Jonathan de Santos/Sunnex)