Petron supports creation of oil overpricing scrutiny task force

As the plot thickens on the ‘oil pricing war,’ leading player Petron Corporation advanced words that it is in full support of the proposed creation of a government-led task force to ascertain if there are indeed “overpricing” happening in the domestic downstream oil industry. Although the company vowed to have always adhered to “fairness and transparency” in pricing its products, it noted that it is open to another round of scrutiny when the situation warrants it. The on going skirmish between Energy Secretary Angelo T. Reyes and Socio-economic Planning Secretary Ralph Recto just dragged the oil pricing controversy into deeper mess – the oil companies and the consuming public trapped in the middle. “Petron fully supports the creation of a task force by government to look into speculations on whether local pump prices are reasonable or not,” the leading oil player noted. The government’s plan to subject the oil industry players into new round of third-party audit would be part of the countless times they already went through of same sort of exercises in the past. Petron treats the endless ”overpricing” pronouncements for products at the pumps as a sweeping allegation. Nevertheless, the company is hopeful that the task force review will finally put to rest some baseless assumptions. “We are therefore gravely concerned about statements that current gasoline prices are overpriced. (June 27, 2009)