House Energy Panel Chief Rep. Mikey Arroyo is seeking to conduct “an urgent inquiry” in aid of legislation on the recent spate of oil price hikes.
Rep. Arroyo filed House Resolution 1651 which directs his committee to conduct the investigation.
According to the resolution, last January 15, 2021, during the hearing of the House Energy Panel, it was raised “that in numerous instances, fuel prices declared by several oil companies through the years, appears to be identical up to the third decimal point.”
“Lawmakers have also observed that the movement of oil prices in the country quickly reflect any increase in oil prices in the international market but is not too quick to truly reflect any downtrend in oil prices in the international market despite oil companies supposedly holding a 30-day buffer stock,” the resolution stated.
It underscored that “unbridled oil price increases will surely be an added burden to Filipino consumers.”
Rep. Arroyo filed the resolution last March 15, 2021, and was read on 1st reading in the plenary session. —Daniel Manalastas
