MANILA, Philippines — A militant group on Wednesday said that oil companies should be subjected to a “cross-examination” by the public to prove that they are is no overpricing of petroleum products.
According to Elmer Labog, Chair of militant group Kilusang Mayo Uno (KMU), aside from opening their books, oil companies should also fully disclose how much capital they use to purchase petroleum products and exactly how much they remit to their respective foreign parent companies.
They should also show their records of the movement of oil prices in the world market starting 2008.
The KMU said that doing this will ensure that the public will be able to conduct a fair assessment on the alleged overpricing of petroleum products and the cartel-like system operated by large oil companies in the country.