Press Release
August 11, 2011

Trillanes scores abuse of oil firms

Senator Antonio "Sonny" F. Trillanes IV is calling the attention of the Department of Energy (DOE) and the public to what he refers to as the obvious and apparent failure of oil industry players to reasonable reflect the recent dramatic decline in the world price of oil in the pump prices of gasoline, diesel and other oil products.

The Senator said that while the world spot price of oil has decreased by as much as US$ 23.00 during the last few weeks, the big three (3) players in the oil industry, Petron, Shell and Chevron, as well as small oil industry players have implemented this week a price reduction ranging from 50 centavos to P1.00 per liter only in the prices of petroleum products. Trillanes pointed out that the price of liquefied petroleum gas (LPG) even increased last week by P1.00 per kilogram of P11.00 per 11-kilogram cylinder. By way of contrast, Trillanes highlighted the fact that prior to this, when the price of oil in the world market increased by only US$ 5.00 per barrel, oil industry players increased their pump prices by as much as P2.00 per liter.

Trillanes lamented that: "Ang problema, pag pataas ang presyo ng langis sa pandaidigang pamilihan, mabilis pa sa alas kwatro ang mga kumpanya ng langis sa pagtaas ng presyo ng gasoline and diesel. Pag bumababa ang presyo, barya-barya lang kung ibaba ng mga kumpanya ng langis ang presyo ng produktong petrolyo bukod sa napakabagal pa. Dapat nang makialam ang Department of Energy dito para maprotektahan ang kapakanan ng mga mamamayan natin!"

Trillanes added that: "While the oil industry is deregulated, I believe that this glaring failure of the oil industry players to reasonable adjust the prices of their products in proportion to the decrease in the price of oil in the world market smacks of profiteering as well as collusion if not price manipulation on their part."

Trillanes urged the DOE to immediately look into the matter and to put into place the necessary mechanism to ensure that the public is not unduly taken advantage of because of the apparent collusion in the oil industry.

Trillanes said that if this situation is not corrected, it would be time for Congress to consider legislative measures which would regulate or impose controls on the prices of petroleum products.

"Pag patuloy ang ganitong kalakaran at hindi ito maawat ng DOE, mapipilitan tayo na magpasa ng batas para magkaroon ng price control o price regulation sa mga produktong petrolyo at mapigilan ang pag-abuso ng mga kumpanya ng langis" Trillanes added.

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