A Manila congressman is demanding that oil companies return excess profits to consumers, arguing that Filipinos are being charged conflict-level prices for fuel that was procured before hostilities broke out in the Middle East.
Representative Joel Chua of Manila’s 3rd District pointed to the gap between when oil stocks were purchased and what consumers are now paying at the pump. “Kung ang stock ng langis ay nabili noong mura pa, bakit ang presyo sa gasolinahan ay parang may giyera na agad? Ang tanong ng taumbayan ay simple: bakit war-time ang presyo kung pre-war ang biniling langis?” he said.
Chua is calling on oil firms to grant rebates to address what he described as potential windfall gains. “If oil companies are earning windfall profits because fuel bought before the conflict is now being sold at much higher prices, then it is only fair that the excess earnings be returned to consumers through rebates,” he said.
The Department of Energy had previously disclosed that oil companies held roughly a month’s worth of inventory when pump prices first began climbing. Energy Secretary Sharon Garin placed the country’s total fuel buffer — combining retailer stockpiles and incoming shipments already in transit — at 50 days.
Chua, who chairs the House Committee on Good Government and Public Accountability, said congressional oversight hearings remain an option. “The goal of Congress and consumer groups will be to determine the real impact of these price increases and ensure that Filipino consumers are not being taken advantage of,” he said.
Beyond hearings, the lawmaker raised the possibility of amending Republic Act 8479, the Oil Deregulation Law, to expand consumer protections, require greater transparency in how fuel prices are set, and equip regulators with stronger authority to act against pricing abuses.
“Hindi naman tayo tutol sa patas na negosyo. Pero kung ang tubo ay nagmumula sa pagkakataong pahirapan ang mamamayan, hindi na negosyo iyon. Pananamantala na iyon,” Chua said.
