Energy official warns oil firms anew on unjust price increases

An Energy Department official has warned oil companies found guilty of abusing the high demand for petroleum products during Holy Week will be prosecuted. In an interview by Howie Severino on News to Go, Energy Undersecretary Jose Layug Jr. said the department will look at the pre-Holy Week oil price hikes that happened in the past years. “’Yung mga nakaraang taon po sisilipin po namin katulong po ninyo at tingnan po natin kung talagang merkado po ang dahilan at kung may pang-aabuso ay kailangang pag-aralan at sampahan ng kaso kung meron mang pang-aabuso," Layug said. Layug added that a joined task force by the Department of Energy and the Department of Justice would investigate and file charges against oil companies who are found to be abusing the high demand for fuel during the Holy Week.
For the latest Philippine news stories and videos, visit GMANews.TV GMA News TV anchor Jessica Soho revealed on Monday that the price of petroleum products never failed to go up in the past six years during the Holy Week, citing data gathered by GMA News Research. Layug said the recent tensions in the Middle East and North Africa, where supply disruptions have elicited speculation in the global crude market, have been causing crude prices to spike and having an impact on fuel prices in the Philippines and other countries. “Nakakalungkot po na beginning 2011, sa simula pa lang ho, ay nakita natin ang kaguluhan sa Gitnang Silangan. Sumipa po ang presyo at ang demand ng China at India, kaya ‘yan ang naging trend this year, pataas nang pataas ang presyo," Layug said. However, Layug said the department monitors the weekly shifts in oil prices by using a formula created by the Energy Regulatory Board. Three oil firms — Pilipinas Shell Petroleum Corp., Seaoil Philippines and Eastern Petroleum — rolled back their prices on Tuesday after Energy Secretary Jose Rene Almendras said on Monday that some oil companies increased their prices by more than what the department has calculated. — Karlitos Brian Decena/VS, GMA News