The Manila Regional Trial Court has ordered Pilipinas Shell, Chevron Philippines (formerly Caltex), and Petron Corp. to open their accounting records to the Bureau of Customs and the Bureau of Internal Revenue as part of the government's efforts to uncover the "mysteries of continuing oil price increases."

Judge Silvino Pampilo Jr. of the Manila RTC Branch 26 has issued an order directing the country's major oil players to open their books for 2003 to the two government agencies, who in turn will form panels of examiners for the scrutiny. He has also denied motions to dismiss filed by the three oil companies.

According to Social Justice Society Lawyer Vladimir Cabigao, this recent development has paved the way for authorities to check the financial records of the "Big 3" companies from 2003 onwards.

Should the BIR and the BOC discover any overpricing on the part of Shell, Chevron, or Petron based on their records, Cabigao said his group will ask for a refund and file the necessary charges. Still, the group is expecting this issue to reach the Supreme Court.

When asked whether the Department of Energy's audit of oil firms would suffice, Cabigao insisted that the agency is in cahoots with the petroleum players.

However, Senate President Juan Ponce Enrile said it would be better to wait for the outcome of the court-initiated investigation before judging the DOE on the erratic fuel prices.

Price cuts

Meanwhile, DOE Oil Management Director Zenaida Monsada welcomed the fresh round of price rollback of P1 for diesel, kerosene, and gasoline.

She said the P1 price cut to be implemented by Shell, Total, Chevron, and Seoil is commensurate with the price movement based on MOPS (Mean of Platts Singapore) for last week versus two weeks ago.

Monsada told reporters that Energy Sec. Angelo Reyes has called on representatives of oil firms, and possibly Socioeconomic Planning Secretary Ralph Recto for a conference this week. She said this is to discuss Recto's recent statement that gasoline is currently overpriced by as much as P8 per liter.

Reyes is still in Japan and will be back Tuesday night, while Recto is also abroad and is due to arrive at the end of the month.