Holy Week fuel prices increase 'near world market levels' – DOE

A Department of Energy preliminary analysis of fuel price movements last Holy Week showed “the adjustments [by petroleum companies] are within the movements of international oil prices," according to DOE Undersecretary Jay Layug. Layug said the DOE will present its studies and data to the Department of Justice when their joint task force convenes next week. The DOE review goes beyond the Holy Week period. "We made the review wider to include not just the Holy Week this year but also those in the past to determine if there was an abuse or not," Layug added. President Benigno Aquino III, in Executive Order 45 signed on June 9, designated Justice Secretary Leila de Lima as the “competition authority" of the national government. Aquino also created the Office for Competition in the DOJ through EO 45. Meanwhile, Energy Secretary Jose Rene Almendras explained the difficulties in setting and implementing an energy security policy. “We have to balance off, I hope everyone understands too. We are not protecting the oil companies. We are doing our mandate to ensure the country's energy security. We have no oil resource and we need to import from the world oil market and they dictate oil prices," he said. The DOE also needs to address both supply issues and prices when setting policy and taking action, according to the Energy chief. “We should ensure that local oil price adjustments are not higher than the increase in world oil prices. I even have to ask myself why do I want to be answerable for something that's not within my control. I'm trying to do my best to protect the interest of the Filipino people," he said. Almendras said he wants the Oil Deregulation Law amended to restrict oil importation. “We want stricter rules in reporting and inventories. I want penalties for oil companies that do not submit their report in time." — ELR/VS, GMA News