Lawmaker urges crackdown vs oil profiteers

House Minority Leader Marcelino Libanan has urged the Department of Energy and the Department of Justice to investigate and crack down on companies imposing what he described as unreasonable increases in petroleum prices.

Libanan said the Downstream Oil Industry Deregulation Act of 1998 provides for a DOE-DOJ task force with powers to investigate and act on excessive and unjustified price hikes.

“Through this task force, the two departments must take decisive and forceful action to safeguard consumers against potential pricing abuses, considering that we are now under a state of national energy emergency,” he said Sunday.

He stressed that consumer protection should remain a priority amid volatile global oil markets.

“Filipino families should not be made to bear the burden of unjustified fuel price increases, especially when global oil prices are already easing,” Libanan added.

Oil prices surged after tensions in the Middle East disrupted supply routes, including the Strait of Hormuz, peaking near $120 per barrel in March before easing to around $90 as of 17 April.

Local oil firms have faced criticism over alleged overpricing and possible collusion to keep prices elevated.

Under Republic Act 8479, the DOE-DOJ task force is mandated to investigate pricing practices, evaluate complaints, and initiate legal action when warranted.