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Page added on October 15, 2009

Oil companies on carpet for raising prices in the Philippines

THE chairman of the House Committee on Energy is set to summon executives of oil companies and make them explain the implementation of a 25 centavo per litre increase in Philippines pump prices even in the aftermath of the worst calamity the country has experienced in decades.

Describing them as “thieves who sneaked in the cover of the darkness to prey on helpless victims,” Lakas-Kampi-CMD Rep. Mikey Arroyo of Pampanga deplored “in the highest sense” the latest round of oil-price increase implemented by oil companies.

“It’s not only insensitivity at its crescendo, but it’s also the most despicable thing to do. Instead of implementing a full rollback of the prices of petroleum products that the National Economic and Development Authority had declared to be overpriced by at least P6 to P8 per liter, these oil companies even had the guts and the temerity to implement another round of oil-price increase at a time when people are still reeling from the devastations wrought by the recent typhoons,” Arroyo said.

At past midnight on Monday, Pilipinas Shell increased pump prices by 25 centavos per liter. A few hours later, Seaoil followed suit with its own price increase. On Tuesday, Chevron announced it was also increasing the price of its fuel products by 25 centavos per liter. Petron and other small oil-industry players have yet to announce their own price increases.

While maintaining that there should be no price increase but a rollback instead, Arroyo said the oil companies should have given some consideration as the people are still trying to recover from the country’s worst natural disaster.

“They should give the people some breathing space to recover from the worst calamity our country has experienced in decades. I call on oil companies to implement a full rollback of the pump prices of fuel, the true price of which they are trying to hide in their books of accounts that they have been consistently trying to block from being audited. Be fair in the conduct of your business and please don’t feed on people’s miseries,” he added.