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oil prices Archives: • July, 2008 • June, 2008 • May, 2008 •

Big 3 posted 70-billion-peso profit since 1998

By Website Introductions at 07/20/08 11:16

Since the inception of the Oil Deregulation Law in 1998, the Philippines' Big Three oil companies, Shell, Petron, and Caltex, have posted a net profit of around 70 billion pesos, or nearly 2 billion dollars. This is according to First District of Cebu Representative Eduardo Gullas.

He asked the Department of Energy to be investigate these companies, citing the possible abuse that they have done in the light of the rapid increase of oil price in the world market.

News: ABS-CBN News Online (Beta)

Tags: oil company profits • department of energy • oil deregulation law • oil prices •
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