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DOE chief to oil firms: Explain latest oil price hikes


MANILA, Philippines - Energy Secretary Angelo Reyes on Monday ordered oil companies to explain in writing the adjustments in the prices of gasoline, diesel and E10 they implemented over the weekend amid the stability in the prices of crude oil in the world market. "I asked the oil companies to explain this increases and I have given them 48 hours. Now, they have to put it in writing so that we will know and the public will know [the reason for the increase]," Reyes said in a press briefing. Reyes was responding to the request of industrialist Raul Concepcion for the Energy Department to compel oil companies to explain the price hike they imposed last Saturday on diesel, gasoline and E10. "This will ensure transparency and accountability that the prices of crude oil and finished products are in accordance with global pricing," Concepcion, chairman of Consumer and Oil Price Watch (COPW), said in a separate briefing. Reyes said they are now checking from the data of the oil companies the dates of the acquisition of the supply, the volume and value, and the shipment date to determine if there is really reason for the increase in oil prices. As of February 12, Dubai crude was placed at $44 per barrel, gasoline at $ 59 per barrel, and diesel was at $54 per barrel. Last Saturday, oil companies increased the price of diesel by P0.25 per liter gasoline by P0.50 per liter, and E10 at P0.75 per liter. Prevailing pump prices of gasoline ranged from P29 to P35 per liter, diesel at P23 to P29 per liter, and E10 at P29 to P34 per liter. Reyes, in the same briefing, also said they are open to the proposed revisiting of the Oil Deregulation Law especially after the country suffered supply shortage of the liquefied petroleum gas (LPG). "We have stated that we are open to the revisiting of the Oil Deregulation Law which is within the province of Congress," he said. - GMANews.TV
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