CONGRESS should consider stiffer penalties for oil firms implementing unwarranted fuel price increases, a Cabinet official yesterday said, in line with a government move to take the industry to task for recent adjustments.
“If there is going to be a study regarding the oil deregulation law, there should be a more ‘exciting’ penalty structure…if (the oil firm can] gain by a P1 million, [the] penalty should be times 100,” Energy Secretary Jose Rene D. Almendras told reporters in Malacañan Palace.
Fuel price hikes announced last week have been criticized by Mr. Almendras, who said monitoring by the Energy department showed the adjustments were more than what was warranted. Several oil firms have since implemented rollbacks in their pump prices.
“We want every single oil importation in the country reported to DoE (Department of Energy), with penalties if you don’t do it within a certain point in time; we want to restrict ports of importation so that we can solve both the data [monitoring] and also the smuggling — that’s one batch of steps to…improve the oil deregulation law,” the Energy chief said.
Read more at Business World