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Philippines

Gibo joins calls for 'unbundling' of fuel prices

Philippines

Gibo joins calls for 'unbundling' of fuel prices

By Ellson Quismorio

Senatorial candidate Gilbert "Gibo" Teodoro is the latest personality to call for the "unbundling" of domestic fuel prices, which for the entire year have been on an upward trajectory.

(Ali Vicoy/ MANILA BULLETIN)

Teodoro said that price unbundling is the oil companies' act of itemizing or breaking down the components of oil prices to determine whether or not a price hike is reasonable.

“Oil players should be transparent on the components of fuel prices to ensure that the private sector shares the burden of the skyrocketing pump prices, and not only passing it on to consumers,” Teodoro, a former Department of National Defense (DND) secretary, said on Tuesday, March 8.

The aspiring senator, who has extensive experience in both the private and public sector in key capacities, said that the price unbundling will be significant, especially when the government allows the reduction or suspension of fuel excise tax.

Teodoro said such move will ensure that adjustments will be reflected in the retail prices of petroleum products.

Since the start of 2022, the Department of Energy (DOE) has noted that gasoline prices have increased by an accumulated P13.25 per liter; for diesel, P17.50 per liter; and for kerosene, P14.40 per liter.

The former Tarlac congressman said that government should make the necessary intervention amid the current price surge, and that the DOE should not only act as a mere monitoring agency for both global and domestic oil prices.

On March 8, pump prices of gasoline went up by P3.60 per liter, diesel P5.85 per liter, and kerosene by P4.10 per liter. Significant price hikes are also expected next week, with the effects of the ongoing Russia-Ukraine war being part of the reason.

Related Tags

oil companies fuel prices Unbundling gilbert gibo Teodoro Russia-Ukraine DOE 30822

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