Palace demands oil firms to explain surprise price hike

Malacanang has demanded oil firms to explain the oil price hikes implemented since Tuesday (March 24).

Department of Energy Secretary Angelo Reyes already called on Petron, Shell, Caltex, PTT Philippines and Total to discuss the ‘surprise’ hike of their gasoline prices by P1 per liter and diesel and kerosene prices by 50 centavos.

Under the Oil Deregulation law, oil firms should inform the DOE about any adjustment on oil products. The DOE also requires that the oil firms announce the price changes a day before implementation. (PNA)

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