Trade and Industry Secretary Manuel Roxas II said yesterday that the current Oil Deregulation Law does not provide for such an inspection by government.
"So government cannot accuse the oil companies of overpricing and ask them to lower their prices," Roxas said, adding that "we have surveyed the regulations and we have not found a provision that empowers government to demand from the oil companies transparency on their pricing."
"With this, the government can only request for an explanation," he added.
According to Roxas, the government wants a "mechanism wherein government can demand an accounting." Based on such an accounting, the government would then have ground to demand a price rollback.
Roxas reiterated this proposal during the meeting of the National Price Coordinating Council (NPCC).
Following the NPCC meeting, Roxas announced the reactivation of the Local Price Coordinating Council and the strengthening of the DTI’s Consumer Hotline operations.
Roxas warned hoarders and price fixers that "those who engage in price fixing and hoarding will be penalized."
The penalties could include business closure, confiscation of goods, fines of up to P2 million and even imprisonment of up to 15 years.
Roxas reiterated that there is still no reason to engage in panic buying. "Local manufacturers and distributors have said that there is ample supply of basic commodities," he said.
The Land Transportation Franchising and Regulatory Board (LTFRB) also assured that there would be no fare increases up to the end of March and perhaps even up to the end of the Holy Week as there would still be hearings for the fare hike petition of some transport groups.