Bayan Muna: Gov’t should intervene vs rising fuel prices

MANILA, Philippines — Former Bayan Muna party-list Rep. Carlos Isagani Zarate urged the government for immediate intervention to ease the burden on Filipino consumers with the latest substantial price hike.

“The Department of Energy should not merely serve as an announcer and justifier of the oil companies’ price hikes,” Zarate said in a statement on Monday.

“It is imperative for the government to take concrete steps to protect consumers from these burdensome increases,” he added.

READ: Fuel prices to increase nearly P3 a liter starting Oct 15

According to Zarate, gasoline is expected to rise by approximately P2.30 to P2.50 per liter and diesel by P2.50 to P2.70 per liter.

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He issued his statement after Shell Pilipinas and Seaoil announced in separate advisories that the price of diesel will increase by P2.70 per liter, while the prices of gasoline and kerosene will rise by P2.65 and P2.60 per liter, respectively.

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The report said that the significant adjustments in fuel prices are set to take effect from Tuesday, October 15, with nearly P3 per liter jump from last week’s costs.

Prioritize passage of bills

Zarate urged the Marcos administration to prioritize the passage of the unbundling oil prices bill and eliminate the value-added tax (VAT) on oil.

“These measures will ensure transparency in oil pricing and provide immediate relief by lowering oil prices,” he said.

Zarate emphasized the urgent need for structural reforms in the energy sector to shield Filipinos from unpredictable and unfair oil price increases.

“We urge the government to act decisively in implementing these policies to safeguard the public’s welfare,” he said.

There are five bills that seek to lower fuel prices:

• House Bill (HB) No. 400, which seeks to amend the Tax Reform for Acceleration and Inclusion Law by lowering excise taxes on fuel products
• HB No. 3003, which seeks to renationalize Petron Corporation
• HB No. 3004, or the proposed Unbundling of Oil Prices Act of 2002
• HB No. 3005, or the proposed Centralized Petroleum Procurement Act of 2019
• HB No. 3006, or the proposed Downstream Oil Industry Regulation Act of 2002

Zarate said that House Bill 400 and House Bill 3004 were initially introduced by Bayan Muna in previous Congresses, hoping to be enacted to address rising oil prices. —Emmanuel John Abris, INQUIRER.net intern