MANILA — Senator Rodante Marcoleta on Wednesday said oil companies should be required to refund consumers if evidence shows excessive or abusive pricing of petroleum products.

In an interview at Kapihan sa Manila Hotel, Marcoleta stressed that fuel price movements must first be properly verified, particularly the timing of the application of the replacement cost mechanism.

“Kung hindi, ay talagang predatory and unreasonable po ‘yung price,” he said.

The senator raised concerns over alleged massive earnings from fuel price adjustments, questioning reports that oil firms may be earning as much as PHP3 billion daily.

“Kung hindi po totoo ‘yung sabi ko na 3 billion pesos ang kanilang kinikita every day, bakit hindi po sila tumutol?… Silence is acquiescence. Silence is admission,” he said.

Marcoleta said that if investigations confirm excessive profits, oil companies should be compelled to return the gains to consumers.

“Kung mapatunayan natin na talagang excessive na kumita sila, i-refund nila ‘yun… That is the most practical and the most reasonable way to address this,” he said.

He noted that the Senate Committee on PROACTIVE Response and Oversight for Timely and Effective Crisis Strategy (PROTECT), chaired by Senator Sherwin Gatchalian, has been conducting hearings on fuel pricing issues.

Marcoleta also said the proposed Joint Congressional Energy Commission could be convened to further examine pricing practices, including sudden price increases and the timing of replacement cost applications.