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Manila Bulletin devider Philippines devider National devider Romualdez says gov't can 'compromise' to address fuel price surge; here's how

Romualdez says gov't can 'compromise' to address fuel price surge; here's how

Published Sep 17, 2023 07:48 am

At A Glance

  • House Speaker Martin Romualdez has floated possible ways the government can   "compromise" in order to alleviate the impact of surging local fuel prices. 
  • Local oil firms have imposed increases on pump prices for 11 straight weeks.

Gibo joins calls for 'unbundling' of fuel prices

(Ali Vicoy/ File photo/ MANILA BULLETIN)

House Speaker Martin Romualdez has floated possible ways the government can "compromise" in order to alleviate the impact of surging local fuel prices.

This, as Romualdez announced the conduct of a "consultative meeting" between him and big oil players at 3 p.m. Monday at the Batasang Pambansa Complex in Quezon City.

"On our part in the government, we can compromise .. perhaps what we can initially offer is a possible review of excise tax or value-added tax on oil and petroleum products. This is a good place to start,” Romualdez, the leader of the 311-member House of Representatives, said.

"Also, one possibility to look at is suspending the collection of excise taxes or VAT (value-added tax) on oil and petroleum products, depending on the Palace’s plan after hearing our report of the result of this meeting,” he continued.

Local oil firms have imposed increases on pump prices for 11 straight weeks.

“No one is spared from the ill effects of the high cost of living due to oil price hikes. Everyone is struggling. But this is beyond anyone’s control. If the price of crude oil in the world market increases, so do prices in the rest of the world,” the Speaker noted.

"But we want to sit down with these oil companies and discuss ways or suggestions on how we can alleviate the hardships of our fellow countrymen due to the constant rise in petroleum prices, and find common ground in areas that are within our control," he added.

Romualdez said the goal of the meeting is "to find a win-win solution for our people and, of course, those in the oil industry".

Invited to attend the consultative meeting were leaders of the House Committee on Energy, Department of Energy (DOEl officials led by Undersecretary Sharon Garin, and Mia Delos Reyes of Petron Corporation, Timothy James Laurel of Pilipinas Shell Petroleum Corp.,Tanya Samillano and Romina Antonio of the Independent Philippine Petroleum Companies Association (IPPCA), and representatives from Chevron Philippines, Inc., Philippine Institute of Petroleum (PIP), Flying V, and Total Philippines Corp.

Romualdez said the solution to the oil price woes can come from a united front of all stakeholders, meaning both the oil companies and the government.

Related Tags

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