House panel supports DOE’s appeal to amend oil deregulation law
MANILA, Philippines — The House Committee on Energy supports the suggestion of the Department of Energy (DOE) to amend the oil deregulation law.
The DOE believes that amending the law is the only solution to curb the consecutive increases in the price of petroleum products.
The panel also wants the government to closely look into the reasons for the price hikes being implemented by oil companies.
It also wants the government to be given the power to solve such price hikes.
House Committee on Energy chairman Representative Juan Miguel Macapagal Arroyo said oil companies should not use the oil deregulation law as a blanket authority to increase the price of their products at the expense of the consumers.
“I welcome the proposal of the DOE to amend the Oil Deregulation Law after oil prices escalated over the past eight weeks. As chairman of the House Committee on Energy, I have long pushed for a special mechanism to prevent overpricing in emergency situations,” Arroyo said.
“The Oil Deregulation Law does not give oil companies blanket authority to take advantage of consumers,” he added.
Bayan Muna Partylist Representative Carlos Zarate, meanwhile, urged the DOE to support House Bill 4711 which aims to amend the said law.
“We now challenge Department of Energy Sec. Alfonso Cusi to ask Pres. Duterte to certify House Bill 4711 to again regulate the downstream oil industry as well as the unbundling of oil prices that we called to be done since 2018,” Zarate said.
In an interview, Cusi said that he had already written the Department of Finance to suspend the imposition of the excise tax on petroleum products.
The House panel said it will set a hearing on the said amendment and would invite representatives from the DOE and the DOF. —/mbmf (from the report of UNTV Correspondent Nel Maribojoc)
House panel tackles proposed measures vs fuel excise tax
MANILA, Philippines — The House Committee on Ways and Means put the proposal to suspend the imposition of additional excise taxes on fuel as the first order of business ahead of the resumption of Congress on Monday (November 8).
House Speaker Lord Allan Velasco said part of the agenda in the resumption of sessions in Congress is the prioritization of measures that will support the reopening of the economy amid the pandemic, following the series of price hikes on petroleum products.
The agenda includes the ratification of the 2022 national budget and the issue of fuel excise taxes.
Velasco said that while the country prepares for an expansive reopening of businesses, authorities must ensure that economic recovery is not impeded by other factors such as the price increases of petroleum products.
“As we prepare for the wider reopening of businesses, we must ensure that our economic recovery will not be hampered by unwelcome disruptions, such as the unimpeded sharp rise in the cost of fuel,” Velasco said.
The House panel is expected to come up with a substitute bill within the week that will guarantee an imposition of taxes on fuel products.
Excise taxes are provided for by law under the Tax Reform for Acceleration and Inclusion (TRAIN) law. —/mbmf (from the report of UNTV Correspondent Nel Maribojoc)
Suspension of fuel excise tax, detrimental to economic recovery — DOF
MANILA, Philippines — The Department of Finance (DOF) expressed before the House Committee on Energy its opposition to the proposed suspension of excise tax on petroleum products.
The DOF warned that suspending the imposition of excise tax on fuel will cost the government about Php131.4 billion in revenue for 2022 which, according to the agency, is detrimental to economic recovery.
“The unrealized public spending and the investments from the foregone revenues will also be detrimental to our economic recovery and long-term growth,” said DOF director Euvimil Nina Asuncion.
Asuncion said that providing a targeted subsidy to the transportation sector will be more equitable than removing all fuel excise taxes which may only subsidize the consumption of higher-income households.
The Department of Energy (DOE), however, estimated suspending the excise tax on petroleum products will lower pump prices by about Php8 to Php10 per liter.
“We specifically proposed the suspension of the excise tax because of the urgency in addressing the plight our kababayans,” said DOE Secretary Alfonso Cusi.
House Committee on Energy chairperson Representative Juan Miguel Arroyo confirmed that he will push for the amendment of oil deregulation law and the suspension of the imposition of excise tax on fuel products. —/mbmf (from the report of UNTV Correspondent Nel Maribojoc)
Presyo ng mga produktong petrolyo, muling tumaas
MANILA, Philippines — Muli na namang nagpatupad ng oil price hike ang mga kumpanya ng langis ngayong Martes (Oktubre 26).
Epektibo alas dose uno ng madaling araw, unang nagdagdag ng P1.15 sa presyo ng kada litro ng gasolina ang Caltex.
Itinaas naman nito ng P0.45 naman ang presyo ng kada litro ng diesel, at P0.55 naman sa kerosene.
Sunod na nagpatupad ng kaparehong dagdag-presyo sa gasoline, diesel at kerosene ang Shell, Petron, Seaoil at Flying V alas sais ng umaga ngayong araw.
Ang Unioil, Phoenix Petroleum, PTT Philippines, Petrogazz at Total Philippines naman ay nagpatupad din ng P1.15 na pagtaas ng presyo sa kada litro ng gasolina at P0.45 sa kada litro ng diesel.
Ang Cleanfuel naman ay magpapatupad din ng kaparehong dagdag-presyo sa gasolina at diesel simula alas kwatro uno ng hapon.
Ito na ang ika-siyam na sunod na linggo na nagpatupad ng price increase ang mga kumpanya ng langis sa bansa. —/mbmf