Escudero calls for strict enforcement of laws vs. fuel hoarding, profiteering

Senator Francis "Chiz" Escudero has called for the strict enforcement of laws against fuel hoarding and profiteering, warning that opportunists should not be allowed to exploit the ongoing tensions in the Middle East.

Escudero said global instability already created uncertainty in oil prices but local profiteers must not be allowed to take advantage of the situation and worsen the burden on Filipino consumers.

He urged the Department of Energy (DOE) and the Department of Trade and Industry (DTI) to strengthen monitoring and enforcement efforts.

The Senate leader also stressed the need for close coordination with law enforcement agencies such as the National Bureau of Investigation (NBI) and the Philippine National Police (PNP) to go after those engaged in illegal fuel trading.

According to Escudero, authorities must move quickly to dismantle profiteering networks, prosecute economic saboteurs, and ensure consumers are protected.

“Enforcement must be swift, decisive, and unforgiving to send a strong message that economic sabotage will not be tolerated,” he said.

Escudero described fuel hoarding and profiteering as acts of economic sabotage that undermine the country’s ability to cope with external shocks while placing additional pressure on ordinary Filipinos, particularly middle-income and low-income households.

“Petroleum supply is a matter of national security. The government must ensure that no profiteer or hoarder escapes accountability, and that violators face the full weight of penalties prescribed under Republic Act 10623,” Escudero said.

He was referring to Republic Act No. 10623, which amended the country’s Price Act.

Escudero noted that earlier penalties for petroleum hoarding and adulteration were first introduced under Presidential Decree No. 1865 during the administration of Ferdinand Marcos Sr.. The current law, he said, expanded the definition of economic sabotage to include profiteering, hoarding, and cartelization involving essential commodities.

Under the Price Act, violators may face fines ranging from P5,000 to P2 million and imprisonment of five to 15 years.

“Every peso added through profiteering is a peso stolen from jeepney drivers, market vendors, and wage earners who already struggle to make ends meet. We must protect the most vulnerable from opportunists who exploit crises for private gain,” he added.

Escudero also appealed to the public to remain calm and avoid panic buying, amid reports that some fuel stations experienced temporary shortages over the weekend.

“Panic buying only worsens the situation and plays into the hands of profiteers. I call on the public to remain calm and vigilant, while government agencies ensure steady supply and strict enforcement against hoarding,” he said.

-Paraluman News