We’re watching you, govt reminds oil firms on price hikes
11/18/2009 | 11:35 AM
We’re watching you.
On this note, the government issued a stern reminder to oil firms Wednesday against steep price hikes in fuel products, following the lifting of an executive order freezing fuel prices.
"Babantayin natin. Kasi yun nga, yun actually yung ating magiging point of inquiry. First, dapat magbigay ng notice sa DOE. Tapos merong pagsusuri ang DOE riyan, evaluation (We will closely watch the price movements. That will be our point of inquiry. Fuel firms must first give the Department of Energy a notice, then the DOE will evaluate the price hike)," Justice Secretary Agnes Devanadera said in an interview on dzXL radio.
Depending on the DOE’s findings, Devanadera said a joint task force of the DOE and Department of Justice may come in and start an investigation.
According to Devanadera, the DOE and DOJ will tighten their coordination in making sure oil firms do not abuse their price adjustments.
Last week, President Gloria Macapagal Arroyo agreed to lift Executive Order 839, which nails oil prices to October 15 levels in the wake of recent cyclones that devastated Luzon. The lifting of the EO took effect Monday. [See: Arroyo revokes fuel price cap, but seeks oil discounts]
But Mrs. Arroyo stressed during a stakeholders’ meeting last November 13 that the price hikes should be on a staggered basis.
"Meron naman tayong mechanism, meron tayong magiging batayan sa setup na yan. Magkakaroon kami ng pagtawag pero dapat mag-coordinate kami ng DOE (We have a mechanism, and we will coordinate more closely with the DOE)," Devanadera said.
On Tuesday night, oil giants Petron Corporation, Pilipinas Shell, Chevron Philippines and
independent fuel firms Eastern Petroleum and Flying V, announced another round of price increases in petroleum products. [See: (Update) 4 oil firms to hike fuel prices Wednesday]
Effective 12:01 a.m. Wednesday, Shell, Petron and Chevron imposed the following hikes on their petroleum products: P1.50 per liter on gasoline and kerosene, P2 per liter on diesel and P2 per kilogram on liquefied petroleum gas.
Meanwhile, Eastern Petroleum and Flying V announced they will hike prices of their diesel products to P2 a liter and their gasoline products to P1.25 and P1.50 per liter, respectively, starting Wednesday.
Oil prices will be ultimately raised to P4.50 a liter to enable the firms to regain their losses after the issuance of EO 845, which lifted EO 839.
But oil players will provide discounts of P2 per liter on diesel, P1.25 per liter on gasoline, and P1.50 per liter on kerosene in areas that continue to suffer from devastation caused by the cyclones.
These areas include the cities of Marikina, Malabon, Pasig, and Baguio, the provinces of Pangasinan, Benguet, Rizal, Ilocos Norte and Ilocos Sur, and Mountain Province and eastern Laguna. - GMANews.TV
On this note, the government issued a stern reminder to oil firms Wednesday against steep price hikes in fuel products, following the lifting of an executive order freezing fuel prices.
"Babantayin natin. Kasi yun nga, yun actually yung ating magiging point of inquiry. First, dapat magbigay ng notice sa DOE. Tapos merong pagsusuri ang DOE riyan, evaluation (We will closely watch the price movements. That will be our point of inquiry. Fuel firms must first give the Department of Energy a notice, then the DOE will evaluate the price hike)," Justice Secretary Agnes Devanadera said in an interview on dzXL radio.
Depending on the DOE’s findings, Devanadera said a joint task force of the DOE and Department of Justice may come in and start an investigation.
According to Devanadera, the DOE and DOJ will tighten their coordination in making sure oil firms do not abuse their price adjustments.
Last week, President Gloria Macapagal Arroyo agreed to lift Executive Order 839, which nails oil prices to October 15 levels in the wake of recent cyclones that devastated Luzon. The lifting of the EO took effect Monday. [See: Arroyo revokes fuel price cap, but seeks oil discounts]
But Mrs. Arroyo stressed during a stakeholders’ meeting last November 13 that the price hikes should be on a staggered basis.
"Meron naman tayong mechanism, meron tayong magiging batayan sa setup na yan. Magkakaroon kami ng pagtawag pero dapat mag-coordinate kami ng DOE (We have a mechanism, and we will coordinate more closely with the DOE)," Devanadera said.
On Tuesday night, oil giants Petron Corporation, Pilipinas Shell, Chevron Philippines and
independent fuel firms Eastern Petroleum and Flying V, announced another round of price increases in petroleum products. [See: (Update) 4 oil firms to hike fuel prices Wednesday]
Effective 12:01 a.m. Wednesday, Shell, Petron and Chevron imposed the following hikes on their petroleum products: P1.50 per liter on gasoline and kerosene, P2 per liter on diesel and P2 per kilogram on liquefied petroleum gas.
Meanwhile, Eastern Petroleum and Flying V announced they will hike prices of their diesel products to P2 a liter and their gasoline products to P1.25 and P1.50 per liter, respectively, starting Wednesday.
Oil prices will be ultimately raised to P4.50 a liter to enable the firms to regain their losses after the issuance of EO 845, which lifted EO 839.
But oil players will provide discounts of P2 per liter on diesel, P1.25 per liter on gasoline, and P1.50 per liter on kerosene in areas that continue to suffer from devastation caused by the cyclones.
These areas include the cities of Marikina, Malabon, Pasig, and Baguio, the provinces of Pangasinan, Benguet, Rizal, Ilocos Norte and Ilocos Sur, and Mountain Province and eastern Laguna. - GMANews.TV
