Solon seeks probe on oil price hikes

Congressman Nathan Oducado has filed a House resolution directing the appropriate committee to conduct an inquiry, in aid of legislation, into the impending oil price increases caused by global geopolitical tensions and market volatility.

“We must act early to protect Filipino consumers from sudden oil price shocks that hurt families and small businesses,” Oducado said.

House Resolution 825 notes that the Philippines imports almost all of its crude oil and is highly vulnerable to movements in global oil prices and exchange rate fluctuations, which directly affect domestic fuel prices.

“When global oil prices rise, transportation fares, electricity rates, and food prices also go up, and ordinary Filipinos suffer the most,” Oducado said.

The resolution also cites rising geopolitical tensions in the Middle East, including recent military actions involving the United States, Israel, and Iran, which have raised fears of disruptions in the Strait of Hormuz — a vital route that carries about 20 percent of global seaborne oil supplies.

“We cannot ignore these global developments because they directly affect the cost of living in our country,” Oducado said.

He said Congress must study policy options that could shield consumers without putting the economy at risk.

The resolution also recalls the former Oil Price Stabilization Fund, which accumulated deficits and created fiscal risks, as noted in studies cited from the Philippine Institute for Development Studies.

“We must learn from past mistakes and design smarter solutions that truly benefit the public,” Oducado said.

The resolution directs the House to evaluate modern financial risk management tools, such as oil hedging instruments and other policy measures, to mitigate the impact of price spikes on the Philippine economy and Filipino consumers.

“Our goal is simple: protect consumers, keep prices stable, and strengthen our country’s energy resilience,” the solon concluded.