The DoE will mandate oil companies to inform it of price adjustments weekly; and give computations of their products’ components based on items involved in global price movements, the cost of biofuels, and capital/operational cost recovery. “The weekly oil-pricing updates will also be announced publicly by oil companies to guide the consumers in making informed decisions in the management of their fuel oil requirements,” he added. This also came as the Energy department said the implementation of big-ticket energy projects would be fast-tracked after the implementing rules and regulations (IRR) of Executive Order 30—the subject of Department Circular DC2018-04-0013 and Department Order DO2018-04-0008—were released on April 25. Under the IRR, permits and licenses shall be processed within a maximum 30 days for projects declared as “Energy Projects of National Significance” (EPNS). President Rodrigo Duterte signed EO 30 last June to harmonize regulatory procedures for huge energy projects.

Source: Manila Times May 08, 2018 16:30 UTC