Philippines: Six Oil Firms Offer to Refute Pricing Allegations
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Tuesday, 18 October 2011 |
Six member companies of the Philippine Institute of Petroleum (PIP) have offered to “open their respective books” to refute allegations of systemic overpricing and cartel practices. Chevron (Philippines) Inc, Liquigaz Philippines Corporation, Petron Corporation, PTT Philippines Corporation, Pilipinas Shell Petroleum Corporation, and Total (Philippines) Corporation have jointly responded to President Aquino’s recent call for greater transparency in the downstream sector, saying they will bare financial data in a statement issued via the PIP.
The PIP’s statement noted that the member companies would cooperate with this review in addition to stringent provisions imposed y the Department of Energy as part of the country’s Downstream Oil Deregulation Law. “In response to various stakeholders’ allegations of overpricing by oil companies, PIP members expressed their willingness to have their books opened and reviewed in order to provide the public well-studied, accurate and complete information on the issue of oil pricing,” said the group. “The PIP enjoins all other oil players to heed President Aquino’s call for openness and transparency by also opening their books.”
The group said that any review team should consist of legitimate, suitably qualified representatives from the industries affected by the allegations. The PIP also said that a review should have defined objectives and take account of both consumer needs and those of the oil industry.
Petrolworld 18102011
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