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STATEMENT BY THE
HONORABLE RON P. SALO
KABAYAN Party-list
Assistant Majority Leader

OIL FIRMS HAVE NOT YET ANNOUNCED ANY FUEL PRICE HIKES FOR JAN 1, 2018 

As of December 31, 2017, the three major oil firms in the Philippines have not made any new announcements about any fuel price increases taking effect on January 1, 2018.

Some sectors or groups may be using the higher excise taxes on fuel to sow baseless fear among Filipinos about imminent fuel prices increase.

Searches on Twitter, Facebook and Google show there are no new advisories of fuel price increases.

The supposed fuel price increases being cited in news media reports are either the rates stated in the TRAIN Law or the estimated impact of the higher taxes on fuel for the entire year of 2018. 

While it is true that the higher excise taxes on fuel take effect on January 1, 2018 it will still take weeks for the impact of the higher taxes to be reflected at pump prices under the current deregulated oil market.

Nevertheless, as member of the House Committee on Economic Affairs, I am asking Energy Secretary Alfonso Cusi to take preemptive action to head off any attempt by any oil firm in the country to raise fuel prices using fuel stocks imported before January 1, 2018.

I also ask Secretary Cusi to make sure the true effect of the higher excise taxes is computed into future fuel price hikes of the oil firms.

Secretary Cusi and Executive Secretary Salvador Medialdea shall ensure that Energy Regulatory Commission (ERC) is able to perform its function in protecting the public against any machinations and illegal moves of any oil firm or energy company on unwarranted increases in the price of fuels. (END)

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