Institutionalized transparency in oil price movement pushed in Senate
Manila: Senator Sherwin Gatchalian on Friday urged his colleagues to enact a law that would institutionalize transparency in the movements of petroleum prices ensuring welfare and interests of consumers are protected. ‘To guarantee transparency and fair retail pricing, information related to any significant adjustments in oil prices should be made available to the public,’ Gatchalian said in a news release on Friday. A recent Supreme Court decision upheld the Court of Appeals’ rulings that affirmed the validity of a Department of Energy (DOE) circular which requires oil companies to unbundle or disclose the details of price adjustments, along with explanations