The Energy Department is set to issue a circular governing the monitoring and unbundling of prices of petroleum products within the month.
Energy Undersecretary Felix William Fuentebella said the rules were still being finalized but assured that it would be issued and signed by Energy Secretary Alfonso Cusi in March.
“It will have to [be issued] because many do not understand the Oil Deregulation Law and also consider other issues such as biofuels, taxes,” Fuentebella said.
“This is a way to address industry take,” he said. He said this would encourage oil companies to compete in terms of services and prices while consumers would have a greater power of choice.
He said initial studies showed an industry profit take of 10 percent to 20 percent for oil companies.
“We cannot conclude if there is profiteering because they are deregulated,” Fuentebella said.
