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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.

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