Press Release
November 22, 2008

ROXAS DEMANDS EXPLANATION ON HIGH OIL PRICES
SENATE PROBE SOUGHT

Liberal President Senator Mar Roxas today prodded the new Senate leadership to call a full investigation into the continued high domestic oil prices despite a sharp drop in world crude oil prices since the global financial crisis started.

"Hindi natin kailangang maging siyentipiko para makitang ang laki ng agwat sa presyo noon at sa presyo ngayon. Ang tingin tuloy ng marami ay harap-harapang panloloko na ito. (The price of crude has gone down drastically. The oil companies are slow to lower prices, and it seems they are not concerned by the DOE's powers over them)," said Roxas.

"Palagay ko ay kailangang ang Senado na ang kumalampag sa mga kumpanya ng langis at sa DoE (It's time for the Senate to hear an explanation from the oilfirms and the DoE)," he said.

Asia Dubai crude prices now ranges around at $55 per barrel, or half the peak price of $112.86/bbl just last August. In contrast, the price of unleaded gasoline sold at retail pump stations is P41.96/L, a price reduction of only P13 a liter from the peak price of P54.96 per liter last August.

"Hindi tugma at hindi tayo papayag na 'di tama ang presyong sinisingil sa atin (It doesn't match and we won't tolerate price cheating)," the Ilonggo senator said.

"Sa krisis na ito, konsuelo na ang konting pagbaba ng presyo ng mga bilihin. Pero pagdating sa langis, walang ginhawa (With this crisis, the one consolation is the lowering of prices of goods. But with oil, there's no relief)," he added.

Roxas reiterated the need for the DoE to exercise its visitorial powers, as granted by the Oil Deregulation Law, and inspect the books of oil companies to see if their prices are justified.

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