Romualdez asks oil industry players to cushion Filipinos from rising pump prices
Speaker Ferdinand Martin Romualdez on Monday appealed to key players in the oil industry to share the burden of rising pump prices of oil to help Filipinos.
Romualdez, accompanied by other House members, made the appeal during a consultative meeting with representatives of oil industry players and officials from the Department of Energy.
The meeting took place on the eve of a big increase in oil prices to be announced on Tuesday. Gas prices are set to go up by P2 a liter while diesel will cost P2.50 a liter higher.
“If you are part of the solution, Congress will be very appreciative and supportive of you. But if you are part of the problem, we might have to undertake measures that would be unpalatable to you,” said Romualdez.
“I hope we can work together to help our people,” said Romualdez, as he suggested that oil firms may be able to find ways to cut their profit margins to reduce fuel prices.
Representatives from the oil industry assured Romualdez that they would relay his appeal to their principals who can decide on any commitment that they can make in the next consultative meeting with the House.
Sagpip Partylisyt Rep. Rodante Marcoleta proposed to revisit the Oil Deregulation Law, as he noted that there is no transparency in the pricing scheme of oil industry players.
He noted that oil players sought and obtained a Temporary Restraining Order (TRO) against the circular of the DOE requiring oil firms to submit detailed computations with corresponding explanation and supporting documents on the reasons for any movement of their oil prices.
Marikina Rep. Stella Luz Quimbo, Vice Chair of the House Appropriations Committee, also noted that oil companies would usually submit to the DOE practically the same price adjustments “up to the last decimal point.”
“There is no reason why you would have the same weekly price adjustments,” she said.
She proposed that the DOE discard the practice of submitting price adjustment schemes weekly and instead just allow oil firms to make such submissions when it becomes necessary for each of them to increase prices or implement a rollback. DMS
