Casiño: Oil price review committee's findings 'questionable'

Posted at | Updated as of 09/13/12 2:20 AM

MANILA, Philippines - Bayan Muna Rep. Teddy Casiño questioned the result of the study conducted by the independent oil prices review committee that fuel prices in the Phiippines are reasonable. 

Casiño said their group has also an independent study which points to a P10.26 per liter overpricing in gasoline from 1999 to July 2012 and over P1.50/liter for diesel from January to July 2012. 

Casiño wants to grill the members of the independent panel on how they were able to come up with their results that there is no overpricing. 

He said he is willing to reconcile their group's figures and methods with the processes used by the independent review committee. 

But a member of the committee stands by their findings that oil firms did not overprice their products. The study also found that deducting taxes, duties and retailers' margin, the remaining amount left for oil firms would be around P6.86/liter for gasoline. This amount will still cover refining cost and marketing expenses.

Engineer Marcial Ocampo challenged those who contradict the study to show their computation and let the public judge their calculations.