MANILA, Philippines — A congresswoman belonging to the opposition Liberal Party is urging the House of Representatives to look into the pricing formula of oil companies.
Marikina Rep. Stella Quimbo, in a resolution, expressed concern on how oil firms determine their prices and how the Department of Energy (DOE) is exercising its oversight power on these companies.
Last Sept. 23, she said representatives of oil companies assured the Senate that the country had “enough fuel supply” and that they could “readily source refined and crude oil from other countries should tensions in the Middle East intensify.”
However, on the same day, oil industry players “simultaneously announced a price increase of P2.35 per liter on gasoline, P1.80 per liter on diesel and P1.75 per liter on kerosene for the week, resulting in the highest increase for 2019,” Quimbo pointed out.
Quimbo added that the price hikes were without basis.