MANILA, Philippines—The Department of Energy (DoE) will call oil companies to another meeting on Monday to determine whether they immediately reflect reduced international prices in their pump prices, Energy Secretary Angelo Reyes said Friday.

He said public clamor for transparency prompted his department to call the meeting, to ensure that oil companies were not shortchanging consumers by cutting pump prices by less than what world market price drops should translate to.

“We want to find out if the general downtrend had been accurately reflected in local pump prices,” Reyes said on the sidelines of a Joint Congressional Power Commission hearing.

He noted there was need to monitor both oil prices and the foreign exchange rate.

“Dubai crude on September 2 was $101.38 a barrel. It became $104.50 on September 4,” he said. Forex on September 2 was 46.27 [pesos to the dollar], but this went up to 46.68 on September 4. These figures are not indicative of the whole month, but we have to monitor these closely.”

Reyes added the results of the meeting of the Organization of Petroleum Exporting Countries (OPEC) on Sept. 9 should be watched.

Importers-retailers of refined oil products, Flying V, Eastern Petroleum Corp., Seaoil Philippines Inc. and Unioil Petroleum Philippines Inc. cut prices of gasoline, diesel and kerosene by P1 a litter last Wednesday.

The “Big Three”— oil refiners and retailers Petron Corp. and Pilipinas Shell Petroleum Corp. and Chevron Philippines Inc. — did not reduce prices until 12:01 a.m. this Saturday.

Their delay in reflecting lower international prices in their retail prices led some lawmakers and others to question whether local prices were accurately reflecting world price movements. With editing by INQUIRER.net