Consumer and Oil Price Watch (COPW) chairman Raul Concepcion does not believe that the recent price hikes implemented by oil companies is “fair” as declared by Energy Secretary Angelo Reyes.

In a press briefing, Concepcion said the oil firms and even the Department of Energy (DoE) are not transparent enough to reflect the true cost of petroleum products.

“If the DoE and the oil companies were transparent then they must show their inventories and cost because, even though the price of crude has gone up to $80, the increase should not be reflected immediately or at least not until after 45 days,” he said.

Concepcion has been pointing out that oil refiners like Petron Corporation and Pilipinas Shell Petroleum Corporation carry crude stocks which are good for 45 days. Up to now, Concepcion said it is not properly explained to the public why these oil refiners are using Mean of Platts Singapore (MOPS), the benchmark of oil importers, as their price gauge while they are obviously not importing all of their finished products.