A representative requested for oil companies in the Philippines not to raise the prices of oil following the attack on Saudi Arabia’s oil facilities, Inquirer.net reported.
Albay Rep. Joey Salceda urged oil companies not to increase the pump prices as some of them were already trying to raise the prices of old inventories as if these were new supplies.
He said there was no definite reason for government officials to say for sure that the price of oil will go up, and that companies in the industry should provide justification for any raise they plan to impose.
“I think they have to prove the public that they bought oil at those prices. They are taking advantage of this predisposition toward panic,” Inquirer.net quoted Salceda as saying.
Saudi Arabia is the top supplier of crude oil in the country.
He also answered inquiries about the proposed suspension of fuel excise tax, saying that the Tax Reform for Acceleration and Inclusion (TRAIN) Act will only do such if the average price of Dubai crude would reach $80 per barrel for three months.
