Policy think tank Infrawatch PH has urged the government to take immediate action to address challenges brought about by rising oil prices, calling on all concerned government agencies, particularly the Department of Energy, Department of Budget and Management, Department of Transportation, and even Congress, to “heighten and continuously monitor the mitigation measures to protect the public from further financial strain.”
“We urge President Ferdinand Marcos Jr. to issue an executive order to fast-track the suspension of value added tax on oil products. Every moment counts. An executive order can provide immediate relief to millions of Filipinos affected by the unabated price hikes,” Infrawatch PH convenor Terry Ridon said.
He also called on the DBM to expedite the release of the fuel subsidy for the transport sector.
And while it lauded Speaker Martin Romauldez’s recent dialogue with oil executives, the think tank said the situation calls for more immediate measures.
They also expressed support to a suggestion to open the Oil Deregulation Law for congressional review. “This 25-year-old law has long outlived its usefulness. Initially enacted in 1998, the law has led to frequent and unregulated price adjustments, affecting everything from public transportation to the cost of basic commodities. This law has given oil companies free rein over pricing, and the public pays the price,” he said.
This week, oil companies raised prices by a whopping P2 per liter for gasoline and P2.50 for diesel. That marks the 11 consecutive week of fuel price hikes, amounting to an increase of P17.30 per liter and P11.85, for diesel and gasoline, respectively.
According to the DOE, oil prices are expected to remain high due to supply tightness toward the end of the year.
Oil prices have already risen before, and based on trends, any government must know that always it has the potential to rise further. Given this knowledge, set of responses for certain price levels should have already been prepared and in place beforehand, so action can be quickly taken to help the Filipino people deal with any crisis involving such a critical commodity.
With still no action so far, after almost 11 weeks of unrelenting fuel price increases, perhaps it would be a good time for the bright minds in government to come up with a plan on what to do next and in case such a situation occurs again.*
