DoE can not prevent oil price hikes — Reyes

June 11, 2009 11:54 am 

MANILA, June 11 — Energy Secretary Angelo Reyes on Thursday admitted that they are helpless in preventing the increase in the oil prices since this is dictated internationally.

”We all want, especially me who is here at the Department of Energy (DoE) for oil prices to go down. And that’s what we are doing – protecting the public. That’s what we all want, and if possible it should be free. But there are realities, and the reality is we can’t control world oil prices – since it’s imported,” Reyes told reporters.

Reyes made this reaction after oil companies adjusted again the prices of gasoline by 50 centavos per liter and P1 per liter for diesel and kerosene today.

Petron Corp., Pilipinas Shell, Chevron Philippines, Phoenix Petroleum, Flying V as well as Total Philippines implemented the price hike as early as 6 a.m. today citing the international price increases.

Reyes said with the Oil Deregulation Law, the DoE in particular cannot do anything or dictate the price since it would be a violation.

”The law says that the oil industry is deregulated. And under a deregulated industry, the government cannot control prices. And if they want to control prices they should tell me, and they put into a law and I will control its price,” Reyes said.

Last week, oil companies increased the prices of gasoline, diesel and kerosene as well as Liquefied Petroleum Gas (LPG).

Reyes, however said they are doing everything to protect the public from abuses. (PNA)

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