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Gov’t to scrutinize ‘profit' of oil companies

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South Africa News News

With the never-ending upswing of oil prices, the government is getting razor-sharp on its drive to “scrutinize” the scale of profits oil companies may have been pocketing from the weekly price hikes.

According to Energy Undersecretary Gerardo Erguiza Jr., the “fuel cost unbundling” rule will be incorporated in a legislative measure that the Department of Energy will be pushing when the next Congress will resume its session this July. This should become part of the amendments to Republic Act 8479 or the Downstream Oil Industry Deregulation Act.

Erguiza, nevertheless, stipulated that the DOE has its hands tied because its Department Circular which enforced the fuel cost unbundling policy had been stopped via temporary restraining orders issued by the regional trial courts. In a related development, House Assistant Minority Leader and ACT Teachers Party List Representative France Castro announced that she will be refiling House Bill 10386 or the Unbundling of Fuel Prices Bill in the 19th Congress “to make the pricing scheme transparent.”

 

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