Resolution Filed Urging Senate to Look Into Energy Security

Senator Sherwin T. Gatchalian, chair of the Senate Ways and Committee in the nineteenth Congress, filed a resolution for an inquiry in aid of legislation to scrutinize the effect of the Russia-Ukraine War on the country’s energy security.

“There is a need for Congress to be apprised of the short-, medium-, and long-term effects and implications of the Russian invasion of Ukraine on the Philippine economy, in particular, the country’s oil supply and the effects of the continuous elevated global oil and coal prices on domestic oil and petroleum products,” disclosed Sen. Gatchalian.

The aforementioned resolution stressed the 22% increase in gasoline prices from ₱63.58 in January to ₱77.71 per liter in May. Diesel prices also suffered by a 49% rise from ₱50.95 to ₱75.92 per liter in the same period. The senator further noted that a number of public utility drivers abandoned their usual routes. Taxis and provincial buses are, likewise, operating at 20% to 30%, causing the available public transportation capacity to plummet while pump prices fluctuate over the past few months. 

Gasoline price may see an increase, while diesel might continue its price downtrend, based on the projection on the average Mean of Platts Singapore trading from July 25 to July 29. To date, gasoline and diesel pump prices are poised for a rollback in the upcoming week. 

According to Sen. Gatchalian, Senate Resolution 78 was filed as global oil and coal prices have severely increased in the past few months, translating to higher pump prices. On the same note, some generation companies requested permission to pass their higher fuel costs to consumers, stemming from high coal prices. This is in spite of fixed-price power supply arrangements.

“The people of the country can no longer afford the constant increase in the price of petroleum products, which has also caused the increase in the price of basic commodities,” Sen. Gatchalian disclosed. The senator was also the Chair of the same Committee in the last Congress.

Source: BusinessWorld