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Romualdez: Gov’t, oil firm execs to find solutions to rising petroleum products
House Speaker Martin Romualdez will meet with major oil companies and government officials on Monday to discuss solutions for rising fuel prices.
The meeting aims to address the continuous surge in local fuel prices, which have seen 11 consecutive weeks of hikes.
Romualdez suggested that the government could review or suspend the collection of excise taxes or Value-Added Tax (VAT) on oil and petroleum products as a possible compromise.
He also plans to propose that manufacturers postpone price increases on basic food commodities that are a consequence of soaring oil prices.
The Speaker acknowledged that global crude oil market fluctuations are a primary driver of the price increases.
Attendees at the consultative meeting will include leaders from the House Committee on Energy, Department of Energy officials, and representatives from various private oil companies.
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House Speaker Ferdinand Martin Romualdez warned oil companies that Congress may take "unpalatable measures" if they are perceived as part of the problem of rising fuel prices.
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Speaker Ferdinand Martin Romualdez will meet with oil companies to discuss the recent and frequent price increases of fuel products, noting nine straight weeks of pump fuel price hikes.
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