The Senate's probe into the government's response to the Middle East crisis is targeting oil companies for potential profiteering as fuel prices rise sharply. Sen. Sherwin Gatchalian voiced concerns over firms selling old fuel stocks at elevated prices. Sen. Bam Aquino called for a price freeze on essential goods.
At the ad hoc PROTECT hearing on the government's response to the Middle East crisis, Sen. Sherwin Gatchalian highlighted concerns that oil companies could be earning up to P3 billion daily by selling older fuel inventory at prices reflecting recent global hikes following the Strait of Hormuz closure. He urged the Philippine Competition Commission to monitor firms for anti-competitive behavior and abuse. Gatchalian rejected the industry's "replacement cost" pricing for old stocks, insisting it should reflect original costs.
Oil companies including Shell, Petron, and Chevron informed senators that supplies remain tight, with inventories expected to last only until May.
Sen. Bam Aquino pressed the government to impose a price freeze on basic commodities and essential goods to protect the public from rising oil prices' inflationary effects. "We need immediate action, and my suggestion is to implement a price freeze for the many Filipinos who are already struggling. They should do it now," he said.
Officials confirmed that only price monitoring, not a freeze, is currently in place. The hearing forms part of the Senate's scrutiny of the government's Middle East crisis response.
