Majority of gas stations nationwide would have already hiked prices by the end of the month because of the Tax Reform for Acceleration and Inclusion law.
Energy Assistant Secretary Leonido Pulido III said in Thursday’s committee on energy hearing that approximately 90 percent of all gas stations would have made the price adjustments.
He said the so-called Big 3— Caltex, Petron, and Shell —and Flying V already implemented price hikes on January 15.
Authorities have said that the increase in prices should not apply to old stock.
Senator Sherwin Gatchalian, committee chair, tasked the DOE to submit its analysis on the stocks of companies to ensure that no price increases “not in accordance with what was declared” took place.
Gatchalian called for the hearing in a bid to look into the possible abuses committed by gas companies and others in connection with the implementation of the new tax reform law. Meanne Corvera, Eagle News Service