Lawmakers are calling for the disclosure of operations and calculations of oil prices by the oil companies because of the erratic spike in oil prices that puts the transport sector and the motoring public at a disadvantage.

Rep. Rufus Rodriguez (2nd District, Cagayan de Oro City) said in a press release from Congress that the way these oil companies peg the prices of gas and diesel is very unclear to the public because they do not explain how they arrive at a price per liter.

Rodriguez and his brother, Rep. Maximo Rodriguez (Party-list, Abante Mindanao) filed House Bill 4193, which mandates oil companies in the Philippines to disclose to the public a detailed report of their operations and a comprehensive calculation of how they arrive at the price of gas and diesel per liter.

Under the bill, oil companies shall submit to the Department of Energy and disclose to the public a very detailed and comprehensive report on their operations on a monthly basis.

The report shall include, but not limited to, the amount of oil they import per month and at what prices, the amount of oil they sold, their revenue and expenses, their net income, and all other pertinent data as may be required by the DOE, the press release said.

The bill requires oil companies to submit to the DOE and report to the public how they come up with the price of gas and diesel per liter.

Rodriguez said mandating oil companies the disclosure of their operations and calculations of oil prices, the public is informed and these companies can be held accountable to the public if there are unconscionable profits earned by these oil companies at the expense of the Filipino people who are made to bear the hardships that high prices bring, the press release added.*

back to top