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http://www.abs-cbnnews.com/business/01/13/12/another-oil-price-hike-looms-next-weekMANILA, Philippines - Another two successive price hikes, motorists may have to deal with another increase in fuel prices next week.
From Monday to Thursday this week, imported diesel posted an increase of around P0.90/liter and over P0.50/liter for gasoline.
Independent Philippine Petroleum Companies Association president Fernando Martinez confirmed the upward trend but sees prices easing by next month and March.
Department of Energy director Zenaida Monsada refused to confirm the expected movement next week after Energy Secretary Jose Rene Almendras earlier vowed not to discuss pricing issues prior to the actual movement.
Monsada hopes the results of the investigation of the review team tasked to check on pricing and profitability of oil firms will put to rest speculations that oil companies are abusing the deregulated environment and posting massive profits from high oil prices.
As for the independent oil companies, Martinez said his group is not joining big players in voluntarily opening their books for scrutiny. He said there is no overpricing at all, and the oil price hikes are just a reflection of what is happening in the world market.
While oil companies are guaranteed a 12% profit during the regulated regime, Martinez said they now just post around 4% to 8% profit on the average. He said he already knows the result of the review and it will come out that no profiteering or abuse on the part of oil companies.
Nevertheless, Martinez claimed interested parties may check on their financial records to see whether or not they have overpriced their oil products.
Martinez said copies of their financial statements are with the Securities and Exchange Commission (SEC) and Department of Energy (DOE) if any group is interested in finding how much they earn every year.
Topic: Another oil price hike looms next week (Read 229 times)
