Former Defense Secretary and senatorial candidate Gilbert (GIBO) Teodoro backs amendments in the Oil Deregulation Law particularly the provision on unbundling petroleum prices.

Gibo Teodoro, a former Tarlac congressman, said this following the large increase in oil prices early this week reaching nearly PhP6 per liter for diesel products. Unbundling, he noted, is the itemizing of the components of oil prices to determine if the increase is reasonable.

“Oil players should be transparent on the components of fuel prices to ensure that the private sector shares the burden of the skyrocketing pump prices, and not only passing it on to consumers,” Gibo Teodoro said.

Gibo Teodoro, who has extensive experience in both the private and public sector in key capacities, said that the price unbundling will be significant, especially when the government allows the reduction or suspension of oil excise tax, as this will ensure that adjustments will be reflected in the retail prices of petroleum products.

Teodoro said that amid the crisis on oil prices, the government should make a necessary intervention, with the Department of Energy safeguarding the consumers from unreasonable price hikes and not only acting as a monitoring agency for both global and domestic oil prices.