Marcos gov't urged to pursue legislation on ‘fuel cost unbundling’

6/13/2022 4:45:00 PM

The Nation's Leading Newspaper

The incoming Marcos administration is being urged to pursue key legislation that will compel the oil companies to “unbundle” or segregate the various cost items they have been passing on to consumers at petroleum pumps.

The Nation's Leading Newspaper

The incoming Marcos administration is being urged to pursue key legislation that will compel the oil companies to “unbundle” or segregate the various cost items they have been passing on to consumers at petroleum pumps.One major policy prescription of a study underpinned by state-run Philippine Institute for Development Studies (PIDS) will be to push for the passage of a measure that will enforce unbundling of the fuel cost components similar to House Bill 10823 that was lodged in the 18th Congress.

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Myrna M.By ANNA FELICIA BAJO, GMA News Published Updated June 13, 2022 3:03pm The Asian Development Bank (ADB) on Monday vowed to work closely with the incoming Marcos administration when it comes to infrastructure projects.A multilateral approach is needed to effectively deal with the food security problem amid global challenges, a non-government organization said as it urged President-elect Ferdinand 'Bongbong' Marcos Jr.By ANNA FELICIA BAJO, GMA News Published June 13, 2022 11:18am President-elect Ferdinand "Bongbong" Marcos Jr.

Velasco The incoming Marcos administration is being urged to pursue key legislation that will compel the oil companies to “unbundle” or segregate the various cost items they have been passing on to consumers at petroleum pumps. One major policy prescription of a study underpinned by state-run Philippine Institute for Development Studies (PIDS) will be to push for the passage of a measure that will enforce unbundling of the fuel cost components similar to House Bill 10823 that was lodged in the 18th Congress. on Monday wherein they discussed the Build, Build, Build program, a project started by the Duterte administration. For the recommended retail price segregation, the cost components that will be disclosed to the consuming public must include those on: landed cost of crude oil or finished petroleum products; port charges and other imposts; refining cost (for crude oil); storage cost; handling cost; marketing cost and transshipment costs.'The food value chain is not singular and there is a need to deal with national interests in terms of food sovereignty and with different countries and stakeholders that provide key markets and inputs,' PRRM president Edicio dela Torre said. According to Dr. "As we prepare our next country partnership strategy for 2024-29, we will be exploring opportunities with the incoming admin's priorities on climate change action to support a resilient and green economic recovery, climate smart transportation, and continuing investments in education, vocational skills training, employment programs, health promotion, and social protection," he added. Adoracion M. During the campaign period, Marcos said it is on Russia's invasion of Ukraine.

Navarro, author of the PIDS study and former Undersecretary of the National Economic and Development Authority (NEDA), the propounded retail price unbundling is “consistent with the deregulation law,” and such policy will also “promote transparency and fair pricing. "We are grateful for the government and the Filipino people for hosting the ADB headquarters for more than five decades and supporting our efforts across the Asia and Pacific region.Dela Torre is hopeful that the incoming administration of Marcos Jr.”’ She added that the segregation of fuel cost components “should actually be welcomed by industry players interested in maintaining a level playing field as it would help spot anti-competitive practices – such as predatory pricing, or even smuggling.” The weekly price adjustments of the oil companies have been “the biggest puzzle” that consumers would need to guess every time they would gas up at retail pumps, because even roar for public interest will not compel the industry players to throw light on their pricing strategies. Marcos has since the Build, Build, Build infrastructure initiative of the outgoing administration. When there are price hikes bigger than calculations or when they shortchange on rollbacks, the oil firms even refuse to fully explain to the Department of Energy (DOE) the factors that have triggered the disproportionate cost swings with the industry players arguing that those questioned adjustments are part of ‘trade secrets’ in oil markets. has yet to appoint an Agriculture secretary, he has expressed his intention to make agriculture among his top priorities. Under Republic Act 8479 or the Downstream Oil Industry Deregulation Act, the policing powers of the DOE is just limited to monitoring price adjustments and the agency is not empowered to intervene or keep prices under control, even if there are unwarranted market disruptions. The new administration will inherit that are expected to be completed in the next six years. —KBK, GMA News.

In Navarro’s view, “legislating retail price unbundling will authorize the DOE to monitor the components of the domestic prices of petroleum products.” Beyond that though, the PIDS study-author qualified that policymakers will also need “to examine the claim of some industry players that the unbundling order will cause them to violate non-disclosure agreements in some of their supply contracts,” therefore, such precept must be weighed thoughtfully in the legislation process. "We discussed how the innovation and technologies of Israel, and [how] some of the practices we developed in Israel can contribute to the development process in the Philippines," Fluss said. China makes up 86 percent of our seafood and 22 percent of fish imports. .