With oil price adjustments surging higher than projected, the Department of Energy has summoned the oil companies to explain the ‘excess’ in cost escalations that they will be reflecting at the pumps by Tuesday, March 15.
It was major player Pilipinas Shell Petroleum Corporation that first advised on its price hikes to the DOE; and given the shocking price uptrends, the agency was prompted to demand an explanation from the industry player. When asked on the ‘higher-than-calculated-adjustments’, the oil companies indicated that what was integrated in the estimates had just been the outcome of trading days last week in the international oil markets as anchored on MOPS indices; but that had not factored in yet the biofuel costs component; the depreciation of the Philippine peso versus the US dollar; as well as premium charges and freight costs.
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