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PGMA orders strict audit of oil, power firms to ensure public benefit from lower oil prices

Written by anyajulia on 08 August 2008

President Gloria Macapagal-Arroyo has ordered an audit of oil and power companies to ensure that the downtrend in world oil prices will immediately benefit the public in the form of lower prices of the socially-sensitive commodity.

Press Secretary Jesus Dureza told a press briefing that the President directed the Department of Energy (DOE) to undertake the audit.

He said the President wants to ensure that oil and power companies are fully compliant with the Oil Deregulation Law, and that the lowering of oil prices in the international market are correspondingly reflected in the local market.

For his part, Presidential Management Staff (PMS) chief Secretary Cerge Remonde said that the President directed Energy Secretary Angelo Reyes to conduct a “more strict audit of oil firms” during the joint National Price Coordinating Council and National Food and Energy Council (NPCC-NFEC) meeting.

The President wants the claim of oil and power companies of “under recoveries” verified through strict auditing procedures, Remonde added. (PIA/Bohol)

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