Gov’t helpless on oil price hikes — Energy chief 01/19/2012

Gov’t helpless on oil price hikes — Energy chief

01/19/2012
The government cannot control oil prices as these are dictated by market forces, according to Energy Secretary Rene Almedras.

Speaking during a forum at the Philippine Information Agency yesterday, Almendras said the government has no right to tell oil companies at what prices to sell fuel because that will be tantamount to regulation, which is against the law.

While the agency is monitoring whether or not the price increases implemented by the oil companies are justified, Almendras also admitted it cannot impose sanctions on the companies in case overpricing is proven.... MORE

Source:  The Daily Tribune

URL: http://www.tribuneonline.org/commentary/