NO TO OIL PRICE HIKES Jeepney drivers and members of labor and transport groups protest in front of a gas station on Commonwealth Avenue, Quezon City, after a big-time fuel price hike took effect in October 2022. —MARIANNE BERMUDEZ
MANILA, Philippines — With another fuel price hike looming, the House of Representatives should pass the five bills that seek to lower fuel prices, ACT Teachers party-list Rep. France Castro said on Monday.
Castro said Malacañang and House leaders should prioritize measures that would address problems encountered by Filipinos. She mentioned the following bills:
- 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
All these bills were filed by Makabayan bloc lawmakers, including Castro.
“With the aim of lowering oil prices in the country, Malacañang should certify as urgent the ‘Lower Oil Prices Bill Package,” she said.
“This bill package, when made into law, can lower oil prices, cause a domino effect in lowering basic products and services, and at least alleviate the suffering of consumers,” she added.
Castro made the statement as oil prices are expected to rise for the fourth straight week, with diesel fuel and kerosene going up by P0.65 centavos per liter and P0.60 centavos per liter, respectively. Gasoline will jump by P1.60 per liter.
READ: Fuel prices up for 4th straight week
Castro said the price hikes have far-reaching effects on the economy and ordinary Filipinos.
“As we face the fourth consecutive week of increases in pump prices, it’s clear that urgent action is needed. These price hikes don’t just affect transportation; they inflate the costs of basic goods and services, further burdening our already struggling populace,” she said.
“Malacañang and the House leadership must prioritize these measures. There are numerous House bills just waiting to be acted upon. It’s time to stop the runaway oil prices and provide real relief to our people,” she added.
Last Friday, the Philippine Statistics Authority reported that headline inflation rates for June 2024 eased to 3.7 percent — lower than May’s 3.9 percent and 5.4 percent in June 2023.
READ: Inflation cooled to 3.7% in June, slowest in 4 months
However, several economists have warned that the worst is not yet over for the country.
Albay 2nd District Rep. Joey Salceda said that despite the lower numbers, he believes the country can still do better than what happened.
Oil prices have been known to play a role in inflation numbers. In June 2022, the Philippines encountered a 5.4-percent headline inflation rate, which was a 42-month high back then, due to higher prices of oil products.
READ: Expensive food, fuel push PH inflation to 42-month high of 5.4 percent
During that period, transport costs jumped 14.6 percent year-on-year (2022 compared to 2021), as gasoline prices climbed 47.2 percent year-on-year, while diesel prices soared by 86.2 percent.