Speaker Ferdinand Martin G. Romualdez on Monday appealed to key players in the oil industry to share the burden of
Meanwhile, pump prices went up for the 11th consecutive week, as the price of diesel rose P2.50 a liter while kerosene rose by P2 a liter. Gasoline prices went up as well, by P2 a liter, effective 6 a.m. Tuesday.
In the Senate, Senator Sherwin Gatchalian said the government’s Pantawid Pasada Program should benefit not just the poorest of the poor but also the middle class who are hit by skyrocketing prices of fuel. Romualdez assured them that the House is open to hearing other alternatives to address the relentless rise in oil prices, including possible adjustments to fuel taxation policies, that has been causing considerable strain on the budgets of Filipino households.
Rep. Estella 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.”Quimbo 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.
She attributed the surge to the “tighter supply outlook due to Saudi Arabia and Russia’s voluntary production cuts, Libya’s supply disruption due to a hurricane and further US crude inventory withdrawals.”
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