By Danny Estacio

 

LUCENA CITY, Quezon, Philippines – House deputy speaker Rep. David C. Suarez announced on Monday that he filed a House Bill in Congress in aid of legislation to provide a clearer explanation for why oil prices are rising rapidly, even though there is supposedly an adequate fuel supply in the country.

Suarez posted on FB said that if the country has sufficient stock, consumers should also have immediate protection against sudden price increases.

The Quezon 2nd district lawmaker acknowledged President Ferdinand Marcos Jr.’s earlier statement that the country has sufficient fuel inventory, including more than 50 days’ supply of diesel and gasoline, more than 60 days for kerosene, and almost a month for Liquefied Petroleum Gas (LPG).

However, Suarez said that the public still questions why global market movements are immediately reflected in prices even though the country has reserves.

Of this, he filed House Resolution No. 852 to investigate the recent and expected fuel price hikes and to determine whether the government is adequately protecting consumers.

He also asked the Department of Energy to submit a detailed report to Congress on the movement of oil prices, fuel inventories, and the basis for price adjustments in the country.

Suarez insisted that transparency is important to ensure that ordinary Filipinos are not overly affected by the fluctuating oil prices in the global market.