Tighter state oversight of oil prices sought
MANILA, Philippines — Senate President Sherwin Gatchalian is seeking broader government powers to prevent oil companies from imposing “unreasonable” fuel prices on consumers despite the country’s deregulated downstream oil industry.
The proposal came as another round of fuel price hikes took effect yesterday.
At a recent Senate energy committee hearing, Gatchalian pushed for amendments to the Downstream Oil Industry Deregulation Act, through Senate Bill 641.
SB 641 would require oil firms to disclose the actual cost components of their retail fuel prices whenever the average price of Dubai crude, based on the Mean of Platts Singapore, reaches or exceeds $80 per barrel.
Gatchalian said the government should monitor the acquisition cost of imported petroleum products to ensure that pump prices remain reasonable under the deregulated pricing system.
“While the law aims to attract private investments, deregulation should not leave consumers vulnerable to excessive pricing,” he said.
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