Shell to raise gasoline prices, oil companies to open books

Pilipinas Shell Petroleum Corp. will raise its pump prices starting at midnight Monday. Shell said the price of its unleaded gasoline will increase by P1.40 per liter, regular gas by P1 per liter, diesel by P0.55 per liter and kerosene by P0.50 per liter. Prices of other petroleum providers are also expected to increase this week, echoing the inflation in the world oil market. A report on GMA News' "24 Oras cited Energy Undersecretary Jay Layug saying the price increase follows the decision of the Organization of Petroleum Exporting Countries or OPEC to cut oil production due to a weaker-than-expected demand.
The Philippine Institute of Petroleum (PIP) is responding to President Benigno Aquino III’s call for transparency by opening their books to prove their honesty amid allegations of overpricing by other sectors. Spokespersons from different petroleum companies expressed the intentions behind this effort. “Ang talagang main objective ho nito is to make the public understand how the oil industry operates and how oil pricing is derived," said Charmaine Canillas of Petron. “Kami po ay willing na makipag-upo sa kanila at i-discuss kung ano ho talaga ‘yun," Total’s Malou Espina added.
“Especially sa media, madaming discussions on these issues so I’m more than happy for you guys to join this team," said Shell’s Bobby Kanapi. PIP asks that for a fair examination of their books, those involved — accountants, members of the transport sector—must be knowledgeable of the oil industry. “Gagawa po kami ng isang audit team na kasama ang academe na pag-aralan po ang books nila. Kasama po diyan yung pag-repaso po ng oil deregulation law," Layug noted. — With Amanda Lago/VS, GMA News