DOE issues show cause order over oil prices
The Department of Energy ( DOE) has issued show cause orders to 13 oil companies for the virtually insufficient price rollbacks they made in their pump prices recently.
In a press briefing in Malacañang on Wednesday, DOE Assistant Secretary Leonido J. Pulido III said the SCOs were made on Tuesday afternoon.
"We want them to explain it (price calculations). We're not saying that they were wrong but we want to give them the opportunity to explain to us why (they have such computation)," he said.
Oil firms cut the prices of their products on Tuesday, October 1, after a huge hike they made last week due to the drone attacks on Saudi Arabia's oil facilities. Saudi Arabia is one of the Philippine main sources of petroleum products.
Pulido said the "difference" on the supposed rollback on Tuesday and the amount of imported petroleum products were 22 centavos for gasoline, while 0.06 centavos for diesel.
On October 1, oil firms cut the prices of their gaoline by P1.45 per liter and for diesel, P0.60/li.
As to liquefied petroleum gas, which prices increased on October 1 by P4.50 per kilogram, the DOE official said that based on their projection, the hike should be "less" 25 centavos per kilogram.
Under the SCOs, recipients would have until October 7 to formally respond to the DOE.
"We continue to assure the public that the DOE will not waver in upholding the welfare of consumers, and will keep everyone properly informed of developments on this matter," the department said in a statement. Celerina Monte/DMS