Probe of unjustified oil price hike urged

A HOUSE lawmaker on Sunday called on authorities to crack down on alleged unjustified fuel price increases amid volatile global oil markets and a state of national energy emergency. 

Marcelino “Nonoy” C. Libanan, House Minority leader and representative of the 4Ps Party-list, in a news release urged the Department of Energy (DoE) and the Department of Justice (DoJ) to exercise their authority under existing laws to investigate and act against unreasonable increases in petroleum prices.

“Under the Downstream Oil Industry Deregulation Law of 1998, a DoE-DoJ Task Force was established with specific investigative and enforcement powers to address excessive and unjustified increases in petroleum product prices,” Mr. Libanan said.

“Through this task force, the two departments must take decisive and forceful action to safeguard consumers against potential pricing abuses, considering that we are now under a state of national energy emergency,” he added. 

Mr. Libanan raised concerns over mounting allegations of overpricing, profiteering, and possible collusion among local industry players, which he said appear to have kept fuel prices elevated despite recent easing in global oil markets.

He noted that international crude prices had surged to nearly $120 per barrel in March following disruptions linked to the closure of the Strait of Hormuz, but have since retreated to about $90 per barrel as of April 17.

Under Republic Act No. 8479, a joint task force between the Energy and Justice departments is mandated to investigate market abuses and evaluate reports of unreasonable price hikes within a 30-day window, a mechanism Mr. Libanan said should be fully enforced to strengthen price oversight in the downstream oil industry amid periods of market volatility. — Erika Mae P. Sinaking