Win Gatchalian is seeking stronger government powers to prevent excessive fuel prices, saying the country’s deregulated oil industry should not come at the expense of consumers.

During a Senate Committee on Energy hearing, Senator Win proposed stricter monitoring of oil companies’ acquisition costs for imported fuel to ensure that local pump prices remain reasonable.

The proposal is contained in Senate Bill No. 641, which seeks to amend the Downstream Oil Industry Deregulation Act. Under the measure, oil companies would be required to disclose the actual cost components of their retail fuel prices whenever the average price of Dubai crude oil, based on the Mean of Platts Singapore (MOPS), reaches or exceeds US$80 per barrel.

Senator Win said the measure aims to strike a balance between encouraging private investment and protecting consumers from unreasonable fuel pricing.