Gabriela Solon Urges Probe, Deregulation Law Repeal Amid Price Hikes

GABRIELA Women's Partylist Representative Luz Ilagan is calling for an immediate probe on allegations of overpricing in petroleum products and the repeal of the oil deregulation law.
"There is an immediate need to look into allegations of overpricing. By the end of 2010, studies conducted by the Bagong Alyansang Makabayan reveal that oil prices were overpriced by as much as P6.72 per liter. Even as these allegations have yet to be resolved, consumers face yet another round of oil price hikes," said Ilagan.

Pilipinas Shell increased diesel and kerosene prices today by P1 per liter and gasoline by P0.75 per liter. Eastern Petroleum Corporation on the other hand increased gasoline prices by P1 while diesel and kerosene prices were increased by P0.75. This round of oil price increases follows price hikes implemented last January 11.

According to Ilagan, "We need to look into how these oil companies determine price hikes. More importantly we must find ways to protect consumers from its dire consequences."

"The majority of our people just cannot endure yet another round of increases in the prices of oil. Already, the public is set to face increases in jeepney fares and taxi rates and the effects of skyrocketing oil prices on the prices of basic commodities are
inevitable."

Ilagan further said that a repeal of RA 8479 also known as the Downstream Oil Industry Deregulation Act is in order seeing how it has for the past 13 years, benefitted oil companies to the detriment of consumers. "It is such a tragedy to see oil companies rake in billions of dollars in profit while the poor consumer suffers. This law needs to be repealed immediately." #