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DoE chief warns oil firms: Roll back prices or face raps By Gerry Baldo 08/11/2011

Thursday, August 11, 2011

DoE chief warns oil firms: Roll back prices or face raps

By Gerry Baldo 08/11/2011

The Department of Energy (DoE) yesterday warned oil companies they could be sued if they do not roll back their prices by at least P2 per liter.

Secretary Jose Almendras, who was at the House of Representatives to defend the DoE’s P8.8-billion budget, said the roll back should be implemented between now and Monday next week.

“We are expecting a P2 rollback on their oil products until Monday. If not, we will ask them to explain and the Department of Justice will take over for investigation for possible action,” Almendras said yesterday in answer to Bayan Muna Rep. Teddy Casiño’s query on whether the people could expect a price rollback given the huge drop in the world market price.

Oil prices dropped from $120 last month to only $77 this month..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/metro/20110811met1.html

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