Santiago seeks up to Php10-M penalty for unreasonable oil price hike

Sen. Miriam Defensor Santiago. Photo by Romy Bugante, Senate PRIB / Santiago’s Facebook page

MANILA – Senator Miriam Defensor Santiago has filed a bill seeking imposition of civil penalties on unreasonable price increases for crude oil, residual fuel oil and refine petroleum products.

Dubbed as ‘Fuel Pricing Fairness Act’, the Senate Bill 2295 aims to impose a fine of Php1 up to Php10 million on excessive price increase for such products by an energy company.

”From the vehicles we drive to the equipment we use, our society relies on gasoline to fuel our lives. The high demand for this commodity and frequent fluctuations in its price warrant a closer look at the issue of predatory pricing,” Santiago explained in his proposed bill.

Santiago, a former regional trial court, said Article II Section 9 of the Constitution provides: “The State shall develop a self-reliant and independent national economy effectively controlled by Filipinos.

”It is the policy of the State to promote the general welfare and protect consumers from trade malpractices,” she said in the bill.

Last May, the government has granted a 50-centavo increase in minimum fare in jeepney following series of oil price hikes.

Recently, the oil companies increased the price of gasoline by Php1.30 per liter, diesel by Pho1.20 per liter and kerosene by Php1.45 per liter due to Iraq strike.

With the price hike, gasoline prices are now between Php51.11 per liter to Php57.70 per liter, while diesel prices are at P42.08 per liter to Php45.75 per liter.

On the other hand, the Liquefied Petroleum Gas (LPG) prices are currently at Php766 to Php833 per 11-kilogram tank