December 12, 2017, 10:41 am
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Probe oil price hikes, DOE urged

Laban Konsyumer Inc. (LKI) has urged government to issue show-cause letters against oil companies in relation to the recent string of oil price hikes.

 “…It is about time the Department of Energy, in collaboration with the Philippine Competition Commission and the Department of Justice, issue show-cause letters to all oil companies in relation to the recent oil price hikes and requiring them to submit an explanation and data for purposes of determining whether the increases are reasonable and that there are no basis to pursue investigation of profiteering,” said Victorio Mario Dimagiba, LKI president, in a   letter  to the DOE.

In the last five weeks, oil firms hiked the cost of petroleum products continuously citing movement in the global oil prices. The increase in the price gasoline per liter totalled  P2.30; diesel, P1.45 and kerosene,  P2.4.

Dimagiba said the DOE has enforcement powers to initiate and conduct such investigation on its own initiative. “Consumers would welcome proactive action from DOE in lieu of the weekly advisories that appears to be a template report and gives suspicion that the DOE is the press relation officer of the oil companies. The investigation must include an inquiry as to whether price fixing exists as the amount of weekly increases are almost the same across the oil companies.” the official added from the letter.
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