MANILA, Philippines—Energy Secretary Angelo T. Reyes reiterated to the court on Wednesday his disagreement with former economic planning secretary Ralph Recto’s view that oil prices were overpriced by as much as P8 per liter.
Reyes appeared as an "amicus curae" or friend of the court before the Manila Regional Trial Court, which has been hearing cases filed against oil companies for alleged overpricing.
Reyes cited the statement recently made by Augusto Santos, current director general of the National Economic and Development Authority, that there was no fixed economic model to determine pump prices.
Reyes added that Recto failed to show him how he had arrived at his conclusion that the oil companies had been overcharging at the gasoline pumps.