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Solon calls on Aquino gov’t to compel oil firms to open their books By Charlie V. Manalo 08/27/2011

Saturday, August 27, 2011

Solon calls on Aquino gov’t to compel oil firms to open their books

By Charlie V. Manalo 08/27/2011

Ang Galing Pinoy Rep. Juan Miguel “Mikey” Arroyo yesterday called on the Aquino government to compel the oil companies to open up their books of accounts for auditing to determine whether there is indeed overpricing in the pump price of petroleum products.

In a statement, Arroyo, who chaired the House committee on energy during the 14th Congress, said with the local price of oil products not reflective of the price of crude in the world market, there exists a strong basis for some sectors to accuse the oil companies of overpricing. Thus, the need to compel them to open up their books.

“The government should now again try to force the oil companies to open their books of account to determine whether they are overpricing their oil products as independent studies have revealed that petroleum products in the country are overpriced by at least P7 to P8,” Arroyo, eldest son of former President now Pampanga Rep. Gloria Arroyo, said.

The younger Arroyo recalled that when he was still the chairman of the House energy committee, he and his colleagues tried to force the oil companies to open up their books..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/nation/20110827nat3.html

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