DOE said that this allowed under the oil deregulation law that allows oil companies to recover prices of new inventories at much bigger price.
In the hearing conducted at Senate (at which Sen Marcoleta walked out) he pointed out that at current fuel usage at 900,000,000 liters per month and at P70.00 price increase, this amounts to P63 billion or about P2.1 gross profit per day. While this is good for the businesses, it is bad for the entire country (which is the objective of the solons) Is there no check and balance in the oil deregulation
The good senator thinks that this is impoverishing many Filipinos and can be likened to the maleta scandal
(Examination of the oil deregulation show law is not clear about consumer protection: price caps, pricing higher old inventory etc. Oil Deregulation Law. RA 8479 It really needs amending and could have passed in haste. No safety nets for the citizens and many political savy individuals should not have signed the law.
The SP was asked what should be included if the oil deregulation was to be amended and his reply was not clear. Simply delete the law and go back to status quo
