House panel urged to probe oil price hike

The House Committee on Energy has been urged to look into the continuing oil price hike imposed by oil companies.

1-CARE party-list Rep. Carlos Roman Uybarreta expressed concern that fuel prices all over the country have been incessantly increasing since the start of the year.

“The public deserves a full and transparent explanation of the continuing price hike of fuel despite the freedom of oil companies to set the price as provided for by the Oil Deregulation Law,” he said.

Citing the monitoring of the Department of Energy (DOE), Uybarreta said the common price of diesel has increased from R37.15 at the start of the year to the current R42.04 while the common price of gasoline has increased from R48.60 at the start of the year to the current R52.91.

“Should the oil companies fail to justify the continuing price hike of fuel, they should immediately put a stop to these excessive impositions and be made accountable for such acts,” he said.

He noted that transport groups, businesses and local government officials have publicly complained of the continuing oil price hike.

“Despite these complaints, the DOE and the oil companies basically justify the price hike due to the fluctuations in the global oil market and in the exchange rate of Philippine peso to foreign currency , and the effect of the Tax Reform Acceleration and Inclusion (TRAIN) law,” he laments.

Uybaretta is counting on the House panel, chaired by Marinduque Rep. Lord Allan Jay Velasco to investigate the continuing oil price hike since the start of the year imposed by oil companies.