Petron tells gov’t to resolve oil price row

Petron Corp., the country’s largest oil firm, reiterated yesterday that it had nothing to hide as its financial statements are open for the government to scrutinize.

The publicly listed oil refiner made the statement amid a dispute over price controls that has forced competitor Pilipinas Shell Petroleum Corp. to go to the court to seek a temporary restraining order.

Petron said it was not making excessive profits, pointing out that it reported a P4-billion loss in 2008.

“Petron has always adhered to transparency and fairness in the pricing of its petroleum products. We have always maintained that as a publicly listed company, our quarterly financial and operating records are open and can be scrutinized by anyone,” Petron President Eric O. Recto said in a statement.

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