Senate President Win Gatchalian wants the government to have stronger powers to keep fuel prices in check and protect motorists from excessive charges.
The senator’s proposal seeks to require oil companies to disclose the actual cost of imported fuel whenever the average price of Dubai crude reaches at least $80 per barrel.
According to Gatchalian, deregulation should continue to attract investors but should not come at the expense of consumers.
“While the law was intended to attract private investments, deregulation should not leave consumers vulnerable to excessive pricing,” he said.
Gatchalian added, “We need to strike a delicate balance. On one hand, we want private companies to invest but we also can’t allow them to make unabated profits.”IMT
