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MANILA, Philippines – Former defense secretary and senatorial hopeful Gilbert “Gibo” Teodoro backs the DOE’s call for price unbundling on petroleum products.

Teodoro said in a statement on Tuesday that price unbundling increases openness in oil price adjustments by revealing the components of pump pricing, which helps assess whether the increase is appropriate.

“Oil players should be clear about the components of fuel pricing so that the private sector shares the burden of soaring pump prices rather than just passing it on to consumers,” said Teodoro, who is running under the UniTeam ticket.

The Department of Energy has been lobbying for changes to the oil deregulation statute, particularly price unbundling, in order to better understand the components of petroleum prices.

The Department of Energy (DOE) published a circular in 2019 requiring oil businesses to disclose detailed components of both price revisions and the entire price of fuel products from bulk to pump prices.

However, it was put on hold due to an injunction issued by the Regional Trial Court in response to oil companies’ arguments that the DOE is only authorized to monitor global and domestic oil price fluctuations, not to act as a regulator.

Price unbundling, Teodoro explained, does not aim to control prices, but it does protect consumers from excessive price increases.

He believes that, in light of the home market’s growing oil prices, the government should intervene, not just make the DOE a monitoring agency for international and domestic oil prices.

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