Presidential Communications Operations Office



  PIA Bldg, Visayas Ave, Diliman, Quezon City, Philippines
  Saturday, 25 May 2019 News Before 1 Feb 2012. Click for Latest
Web PIA  
 
home
 
about
 
fotos
 
info
 
links
 
ncrr01carr02r03calmimr05r06r07r08r09r10r11r12r13
 << May 2019 >> 
S M T W T F S
1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31
Special News Editions:
English.Tagalog.Cebuano
Ilocano.Waray.Hiligaynon
Pangasinan.Other
PIA Specials:
NEW! Cabinet Officials
Jobs.Slides.Specials.Ads. Events.ASEAN.Multimedia
Visitors since 15 Feb 2011:
PIA News Archive:
English.Tagalog.Cebuano
Waray.Hiligaynon.Ilocano
Pangasinan.All
PIA Archive News Reader

PIA Press Release
2008/08/06

PGMA orders strict audit of oil, power firms to ensure public benefit from lower oil prices

Manila (6 August) -- President Gloria Macapagal-Arroyo has ordered an audit of oil and power companies to ensure that the downtrend in world oil prices will immediately benefit the public in the form of lower prices of the socially-sensitive commodity.

Press Secretary Jesus Dureza told a press briefing in Malacanang that the President directed the Department of Energy (DOE) to undertake the audit.

He said the President wants to ensure that oil and power companies are fully compliant with the Oil Deregulation Law, and that the lowering of oil prices in the international market are correspondingly reflected in the local market.

"Ang gusto ng Pangulo, nag-reduce ang presyo sa international market dapat this will already benefit (the local consumer)," Dureza said.

Also present during the briefing were Presidential Management Staff (PMS) chief Secretary Cerge Remonde and newly appointed Cabinet Secretary Silvestre Bello III.

Remonde said the President directed Energy Secretary Angelo Reyes to conduct a "more strict audit of oil firms" during the joint National Price Coordinating Council and National Food and Energy Council (NPCC-NFEC) meeting in Malacanang this morning.

The President wants the claim of oil and power companies of "under recoveries" verified through strict auditing procedures, Remonde added.

US-based investment banking giant Merill Lynch has projected that the downtrend in the price of oil in the global market is likely to continue until next year.

The benchmark trading last week was pegged at $122 a barrel, down from the record-high of close to $147, in previous weeks. (PIA-MMIO) [top]

|«  prev  next  »|
DAILY NEWS LIST:
»Tax info gathered will not be used to harass candidates during election period - BIR
»CSC skeds transactional communication, memorandum writing for employees
»CFO campaign reaches Davao Oriental
»Feature: Food terminal for cities of Davao, Tagum and Digos
»PGMA to approve recommendations of RPOC
»PGMA orders strict audit of oil, power firms to ensure public benefit from lower oil prices
»US P1.9-B grant for RP capacity-building program to sustain economic growth - Dureza
»Remonde salutes firefighters, volunteers for heroic deeds
»Gov't eyes diesel subsidy to Zambo-based fishing group hard-hit by high oil prices
»PGMA to hold bilateral meeting with China's President Hu Jintao
|«  prev  next  »|

Philippine Official Gazette | Office of the President | Presidential Communications Operations Office
For comments and feedback, please email PIA Newsdesk
Copyright © 2005 Philippine Information Agency
PIA Building, Visayas Avenue, Diliman, Quezon City 1101 Philippines