DOE: Joint task force probing latest oil price hike

A joint task force of the Department of Energy and the Department of Justice is investigating the latest fuel price hike imposed this week by some oil firms. DOE Oil Industry Management Bureau director Zenaida Monsada said Wednesday the joint DOE-DOJ Task Force has received the reports of the oil firms explaining the price adjustments. "Nai-submit na namin sa DOE-DOJ task force. Sila ang magde-determine kung reasonable ang adjustment na ito," Monsada said in an interview on dzBB radio. Monsada said that if the task force finds the price adjustments unreasonable, the oil firms involved may face a fine of at least P250,000 and imprisonment of about three years. But this early, she hinted the price hikes were questionable, as they were higher than the formula set by the Energy Regulatory Board. Some oil firms implemented Tuesday a fuel price hike of 60 centavos for gasoline and 25 centavos for diesel. Monsada said the DOE's calculations indicated only a price hike of 39 centavos for premium gas and 16 centavos for diesel. The government allows oil firms to round off increases to the nearest 10 centavos, she added. This means the government calculations would have allowed price hikes of 40 instead of 60 centavos for gas, and 20 instead of 25 centavos for diesel. "Ang (sobra na) 20 (centavos), medyo malaki na yan (The margin of 20 centavos for gasoline is quite large already)," she said. — LBG, GMA News