Manila: Oil companies should refund consumers if evidence shows excessive or abusive pricing of petroleum products, Senator Rodante Marcoleta said Wednesday. During his interview at Kapihan sa Manila Hotel, Marcoleta emphasized that price movements need to be validated, particularly regarding the application timing of the replacement cost mechanism.

According to Philippines News Agency, Marcoleta pointed out that if the replacement cost mechanism was not applied correctly, the pricing could be considered predatory and unreasonable. He raised concerns about the lack of response from oil firms following claims that they may have earned as much as PHP3 billion daily from price adjustments. Marcoleta questioned, "If it is not true that they are earning PHP3 billion a day, why did they not object? Silence is acquiescence. Silence is admission."

Marcoleta further stated that if it is proven that the companies made excessive profits, they should be required to refund these gains to consumers. He described this as the most practical and reasonable approach to address the issue. The senator highlighted the efforts of the Senate's Proactive Response and Oversight for Timely and Effective Crisis Strategy (PROTECT) Committee, chaired by Senator Sherwin Gatchalian, which has been conducting hearings on oil price issues.

Additionally, Marcoleta mentioned that the Joint Congressional Energy Commission could be convened to use its oversight powers to examine pricing practices, such as sudden spikes and the timing of replacement cost application.