LAWMAKERS were urged by Energy Secretary Jose Rene Almendras to pass a law that would limit the profit of local oil companies.

Almendras likened the legislation to the situation in the power industry wherein a certain level has been set for their profit.

He said the new measure could be done to enhance the antitrust law.

The appeal to the lawmakers was made even as the DoE tapped a committee to look into allegations made by transport groups that oil companies have been raking in “excessive profits” over their weekly price increases.

He said that the prevailing Oil Deregulation Law does not have any provision for action if and when oil firms are proven to be profiteering.

At present, the DoE is helpless thus there must be a price control law that will rein in oil firms’ profits.

Last October, major oil players comprising the Philippine Institute of Petroleum (PIP) voluntarily opened their books of account for government scrutiny specifically as a response to claims of overpricing.

PIP is composed of Pilipinas Shell, Petron Corp., Chevron Philippines (formerly Caltex), Total Philippines, PTT Philippines and LiquiGaz.

Malacañang is not ruling out a possible showdown between President Benigno Aquino and representatives of oil firms over the oil price spikes .

But deputy presidential spokesperson Abigail Valte clarified that a dialogue between the President and the oil firms is not automatic.

Valte said that the President will talk to the oil companies only when the DoE sees the oil price adjustments are beyond reasonable levels.

The Palace official also said that the DoE has already formed an audit team, with representatives from various sectors, including transport and media groups.

With Efren Montano