HOPING to shed light on the latest P1 per liter increase in fuel prices implemented over the weekend, oil companies have assured they will heed the call of Energy Secretary Angelo Reyes to explain to the public the latest price adjustment in fuel prices.

On Monday, Reyes will meet with officials of oil companies at the Department of Energy (DOE) to explain the recent P1 per liter price adjustment in fuel prices.

Oil companies in the meeting are expected to also explain the reasonableness of their price adjustment. And afterward, Reyes said he would also invite the affected sectors such as transport groups, industries and the general consuming public.

“We summon officials and representatives of oil companies to explain the recent increase and explain the reasonableness of their price increase,” Reyes told reporters on Saturday.

The energy chief said he would let the officials or representatives of oil companies explain their side instead of him seeming to lawyer for their (oil companies’) price adjustment.

Reyes said he hopes to also come up with not only reasonable explanations but to also undertake mitigating measures to protect and cushion the impact on the people.

On Friday night, oil companies announced they would increase diesel, gasoline and kerosene prices by P1 per liter to reflect the continuous increase in world oil prices.

Chevron Philippines Inc., Petron Corp. and Total (Philippines) Corp. on Saturday implemented the P1 increase in fuel prices. Oil companies noted that Dubai crude averaged $103.41 per barrel in April from $96.76 per barrel in March after reaching an all-time high of $110.20 per barrel on April 28. 

DOMESTIC manufacturers see their hurting businesses getting a new lease on life with the order of President Arroyo requiring government instrumentalities to prioritize locally made products in their procurement.

MADRID, Spain—More than 500 liters of coffee, 3,000 kilograms of biscuits and bite-size cakes, and 4,500 bottles of water are expected to be consumed at the Asian Development Bank’s (ADB) 41st Annual Governors’ Meeting (AGM), still making it an event of huge proportions.

WITH the release of the new joint-venture guidelines, the National Economic and Development Authority (Neda) said it is “hopeful” that the private sector would respond by increasing their participation in public infrastructure projects.

THE consumer group People Opposed to Warrantless Electricity Rates (Power), urged the government to scrap the 12-percent value-added tax (VAT) on electricity if it is really serious in lowering power rates.

HOPING to shed light on the latest P1 per liter increase in fuel prices implemented over the weekend, oil companies have assured they will heed the call of Energy Secretary Angelo Reyes to explain to the public the latest price adjustment in fuel prices.

CONSIDERING the huge potential in harnessing wind energy in the country, several companies have expressed interest and commitment to put up wind farms in the country, particularly in the Ilocos, Palawan and Mindoro areas.

MUNICIPAL fishermen based in Cebu are now gearing up for court battle against the Japan Petroleum Exploration Ltd. (Japex) over the controversial oil-and-gas exploration project at the Tañon Strait, a protected seascape.