Friday 15 December
Powered by Ajaxy
Nov 19, 2017 @ 17:48

DOE forms task force to investigate oil price hikes


The Department of Energy (DOE) is forming a task force to investigate if there were market abuses during five consecutive weeks of increases in oil prices.

DOE Secretary Alfonso Cusi said he has recovened the Department of Energy-Department of Justice (DOE-DOJ) Task Force “to investigate the basis for the increase and if there are anti-competitive behavior in the series of fuel price increases.”

Meanwhile, DOE undersecretary Felix William Fuentebella said the oil price hikes were driven by overseas developments such as the decision of Organization of the Petroleum Exporting Countries (OPEC) and non-members to extend production cuts.

However, the DOE-Oil Industry Management Bureau (OIMB) will still look into the matter.

In light of the successive price hikes, Laban Konsyumer Inc. (LKI) said the oil companies must explain the reason for the price adjustments.

Tags: , , , , , , , , ,

Related Stories
This core team will make sure that the flagship projects will proceed smoothly.
The Philippine Competition Commission (PCC) is seeing indications of cartel-like behavior in the cement industry.
The Department of Energy (DOE) is eyeing to use the energy resource development fund to
The Department of Justice is set to submit for resolution on the P50 million estafa


Trending News

Recommended on sister sites

Copyright © 2017 Bilyonaryo -