Thursday 17 October
Oct 2, 2019 @ 20:19

Cusi urges 13 oil firms to explain price cut discrepancies


Energy Secretary Alfonso Cusi has asked 13 oil companies to explain on Monday the discrepancies in their price reductions.

In a statement Wednesday, the Department of Energy (DOE) said show-cause orders (SCOs) were issued “in view of the apparent difference in the oil price rollback calculations” of the department and the oil companies.

“The SCOs would provide these companies the opportunity to explain how they arrived at their respective oil price rollback calculations,” it said.

The DOE did not provide a copy of comparable computations as well as the name of oil firms.

Citing the explanations made by DOE Assistant Secretary Leonido Pulido III during a briefing in Malacañang on Wednesday, the DOE said the SCOs were issued in line with its “mandate to protect consumer welfare and ensure fair oil industry practices.”

“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,” it added.

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