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 said price movements must first be validated, particularly whether the replacement cost mechanism was applied at the proper time.

“Kung hindi, ay talagang predatory and unreasonable po ‘yung price (If not, then the pricing is clearly predatory and unreasonable),” he said.

He questioned the lack of response from oil firms following claims that they may have earned as much as PHP3 billion daily from price adjustments.

“Kung hindi po totoo ‘yung sabi ko na 3 billion pesos ang kanilang kinikita every day, bakit hindi po sila tumutol (If it is not true that they are earning PHP3 billion a day, why did they not object)?… Silence is acquiescence. Silence is admission,” he added.

Marcoleta said that if excessive profits are established, companies should be required to return these gains to consumers.

“Kung mapatunayan natin na talagang excessive na kumita sila, i-refund nila ‘yun (If it is proven that they earned excessively, they should refund it) … That is the most practical and the most reasonable way to address this,” he said.

Marcoleta said the Senate’s Proactive Response and Oversight for Timely and Effective Crisis Strategy (PROTECT) Committee, chaired by Senator Sherwin Gatchalian, has been leading hearings on oil price issues.

He added the Joint Congressional Energy Commission could also be convened to exercise its oversight powers and examine pricing practices, including sudden spikes and the timing of replacement cost application. (PNA)