DOE to continue oil pricing probe

oil price hike_PUV discounts

The Department of Energy (DOE) is still pushing through with its oil price investigation despite another rollback to be implemented this week.

The expected decrease in diesel ranges from P0.05 to P0.15 per liter, while gasoline prices have a downward adjustment of around P0.25 to P0.40 per liter, as reported in a Manila Bulletin article.

This is due to oil prices being relatively steady within the $57 per barrel range last week, without geopolitical incidents disturbing supply-demand movements in markets.

However, oil companies said this could still change depending on the result of Friday’s trading.

Meanwhile, the DOE is still pushing for changes in Oil Deregulation law in which it would allow the energy secretary to set the oil price ceiling and unbundle oil products, if necessary.

Meanwhile, the DOE is starting new rounds of changes in the Oil Deregulation law, with Secretary Alfonso Cusi making a proposal to the Cabinet to make changes to the law. 

Cusi is also continuing with the investigation and seeking the explanation of oil companies on the differences of pricing across areas including what the DOE saw as P7 to P10 per liter disparity in the prices of oil products in Baguio compared to cheaper prices seen in La Union and Pangasinan provinces.

The differences in prices became an issue to consumers in Visayas, specifically in Cebu province, which was observed to have higher oil prices compared to Iloilo and Leyte.

 

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