Senator Erwin Tulfo on Sunday called for stricter transparency in the oil industry, urging companies to stop “suspicious” premature fuel price hikes and disclose their actual cost structures.

Tulfo co-authored Senate Bill No. 641, which would require the Department of Energy (DOE) to compel oil firms to submit detailed cost components whenever Dubai crude oil reaches a set threshold per barrel, based on the Mean of Platts Singapore.

“We must put an end to this seemingly taking advantage of external events to pass the burden to consumers,” Tulfo said, stressing the need to protect the public from arbitrary price spikes.

The senator cited reports from consumers about premature price hikes and unusual market behavior, including alleged instances where some gas stations declare shortages to delay sales until higher prices take effect.

During a Senate Committee on Ways and Means hearing, the DOE said it had issued notices to gas stations suspected of exploiting tensions in the Middle East, but acknowledged that its authority is limited under the existing Oil Deregulation Law.

Tulfo said the proposed measure would provide a long-term solution by establishing an “automatic trigger” that would require oil companies to disclose their actual costs and improve transparency in fuel pricing.

A long-time advocate of reforms in the downstream oil sector, Tulfo is also among lawmakers supporting measures that would allow the President to temporarily suspend oil excise taxes amid the ongoing Middle East crisis.

“We want to institutionalize an automatic trigger where oil companies will be mandated to provide a list of their actual costs. This is to ensure that Filipinos are well-informed on why they’re paying a certain amount for gas,” he said.