House Speaker Martin Romualdez Issues Warning to Oil Companies Over Rising Fuel Prices
Batasan Complex, Quezon City – House Speaker Martin Romualdez personally met with emissaries of local oil companies on Monday to address the issue of skyrocketing fuel prices. Romualdez made it clear that if these companies are found to be “part of the problem,” lawmakers would not hesitate to take action.
In a consultative meeting attended by fellow House members and industry players, Romualdez urged oil companies to postpone any pump price hikes until after Christmas. He also called on officials from the Department of Energy (DOE) to collaborate on strategies to combat the continuous rise in fuel prices.
During the gathering, Romualdez emphasized the importance of cooperation, stating, “If you are part of the solution, Congress will be very appreciative and supportive of you. But if you are part of the problem, we might have to undertake measures that would be unpalatable to you.”
Consumers have felt the strain of 11 consecutive fuel price hikes over the past 11 weeks. These increases have had a ripple effect on the prices of other basic goods, further burdening the public. Romualdez urged oil companies to find ways to reduce their profit margins to alleviate the burden on the Filipino people.
The Leyte 1st district congressman proposed several options to address the issue, including suspending the collection of excise taxes or value-added tax (VAT) on oil and petroleum products. This move would have an immediate impact on pump prices.
Representatives from the oil industry assured Romualdez that they would convey his appeal to their principals. A follow-up meeting is scheduled for next week to further discuss potential solutions.
The impact of rising fuel prices on the economy and public is a growing concern for the government. As the situation continues, lawmakers are determined to hold accountable any entities that contribute to the problem while seeking bipartisan solutions to provide relief to the Filipino people.