Probe into oil company pricing continues

The Department of Energy and the Department of Justice (DOE-DOJ) Task Force in the Philippines is continuing to look into possible pricing abuses by oil companies, stating that they are focusing their probe on Pilipinas Shell, PTT and smaller oil firms before the Holy Week period. Energy Secretary Jose Rene D. Almendras said the task force is concentrating its investigation on what he called “above calculation pricing adjustment.” The oil firms in question have responded with justifications for the price increases, saying that they were due to the higher cost of biofuels which were blended with their oil products. (April 27, 2011)