House warns oil firms on fuel price hikes

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.

Romualdez met with oil industry executives on Monday, September 18, urging them to help mitigate price increases and suggesting they consider reducing their profit margins.

This appeal comes amidst 11 consecutive weeks of fuel price hikes, which have significantly strained consumers and are expected to increase the price of gasoline to nearly P70 per liter and diesel between P70 to P75 per liter.

The oil companies assured Romualdez that they would relay his appeal to their principals, with a follow-up meeting scheduled for the following week.

The House of Representatives is also open to exploring alternative solutions, such as suspending the collection of excise taxes or VAT on oil products, to provide immediate relief to the public.

Romualdez also extended similar appeals to supermarkets and manufacturers to postpone price increases.