The Department of Energy (DOE) has issued a Show-Cause Orders (SCOs) to 13 oil companies on October 1 to review the difference in the oil price rollback calculations.
“Our actions support our mandate to protect consumer welfare and ensure fair oil industry practices. The SCOs would provide these companies the opportunity to explain how they arrived at their respective oil price rollback calculations. Under the SCOs, recipients would have until Monday (7 October) to formally respond to the Department,” DOE Assistant Secretary Leonido J. Pulido III was quoted in a statement.
Oil firms have slashed the price of their fuel products by around P1.55 per liter for gasoline, and between P0.60 per liter to P0.50 per liter. The oil price rollback were implemented earlier this week.
The recent oil price adjustments were due to recent attacks on Saudi Arabia’s oil facilities.
“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,” DOE Secretary Alfonso Cusi was quoted in a statement.