Speaker Romualdez to meet oil firms over pump price hikes

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.

He expressed concern that rising oil prices have a domino effect on the prices of other goods, disproportionately affecting the wages of Filipino workers.

Romualdez acknowledged global market price increases for crude oil but questioned the timing of price hikes, suggesting current sales might still be from cheaper, older inventories.

He hopes to persuade oil companies, both large and small, to temporarily hold off on price increases by appealing to them.

Romualdez also cited the Oil Deregulation Law as a factor contributing to high petroleum prices, stating it limits the government's options.