Lawmaker seeks rebates on fuel bought before Middle East conflict

Manila 3rd District Representative Joel Chua called on oil companies to "grant" rebates for fuel stocks purchased before the Middle East conflict. 

Chua said consumers are questioning why pump prices have "already reached what appears to be 'war-time levels'" despite those being sold at gas stations may have been purchased before the conflict. 

“Kung ang stock ng langis ay nabili noong mura pa, bakit ang presyo sa gasolinahan ay parang may giyera na agad? Ang tanong ng taumbayan ay simple: bakit war-time ang presyo kung pre-war ang biniling langis? ”Chua asked.

(If the oil stock was bought when it was still cheaper, why are gas stations pricing it as if it was obtained during the war? The question of the public is simple: why are the prices war-time when the oil was purchased pre-war?)

“If oil companies are earning windfall profits because fuel bought before the conflict is now being sold at much higher prices, then it is only fair that the excess earnings be returned to consumers through rebates,” he added.

Earlier, the Department of Energy (DOE) had said that oil companies still had about a month’s worth of stock when prices initially began to spike.

Energy Secretary Sharon Garin had said that the Philippines had enough fuel reserves, including fuel retailers’ stockpile as well as incoming orders already in transit, for 50 days.

Chua, who chairs the House Committee on Good Government and Public Accountability, said the House "may examine the matter through oversight hearings if necessary."

"The goal of Congress and consumer groups will be to determine the real impact of these price increases and ensure that Filipino consumers are not being taken advantage of," Chua said.

“Hindi naman tayo tutol sa patas na negosyo. Pero kung ang tubo ay nagmumula sa pagkakataong pahirapan ang mamamayan, hindi na negosyo iyon. Pananamantala na iyon,” he said.

He also added that Congress may also revisit the Oil Deregulation Law (RA 8479) to strengthen consumer protections, improve transparency in oil pricing, and ensure that government regulators have stronger tools to prevent abusive pricing practices. —VAL, GMA Integrated News