Bayan Muna party-list Rep. Carlos Zarate and Bayan Muna chairman Neri Colmenares on Thursday demanded that oil companies withdraw their opposition to the unbundling of their prices “so that the public will know if they are overpricing.”
They also urged the Department of Energy (DOE) to make public the unbundled price of each liter of fuel.
“The recent issue on overpricing of oil companies only shows the need to unbundle or detail their price of fuel per liter. Sabi ng DOE kulang ang roll back ng oil companies ng 16 centavos per liter ng diesel at 24 centavos per liter ng gasoline. Bilyong piso rin yan na labis na singil sa ating mga consumer. Pag oil price increase ang taas ng dagdag nila, pero pag roll
back naman mababa masyado,” Colmenares said.
“We demand that oil companies withdraw their opposition to the unbundling of their prices so that the public will know if they are overpricing. Except for the international price of oil, nobody knows the actual expenses of oil companies in selling fuel such as refining, storage, transportation, salaries and advertising cost,” he added.
The oil companies must inform DOE and the public of this actual cost, so that we will know if they are overpricing or not.” said Colmenares.
“DOE has the power to demand these reports from oil companies,” he said, citing Section 15 (a) of Republic Act 8479.
Zarate said he supported the show cause order of the DOE and urged the DOE to hold public hearings on the issue of overpricing.
“For more than 20 years after the oil deregulation law, the government does not know the actual cost of fuel and is therefore not capable of determining predatory pricing or overpricing. This is the tragic folly of deregulation,” he said.
“For 20 years the consumers could have overpaid billions of pesos in overpriced fuel. Worse, these also led to price increases of other products using fuel. Its about time we put an end to
this,” he added.