Pump prices of gasoline and other fuel products by the so-called “Big 3” oil companies are still overpriced but the price difference is no longer as big as last month, an official of the National Economic Development Authority (NEDA) said on Tuesday.

Appearing before the House committee on energy, NEDA industry division chief Arturo Cebuma said the alleged overprice has lowered significantly, compared to the time when former Sen. Ralph Recto was still NEDA chief.

Cebuma told the panel, chaired by Pampanga Rep. Juan Miguel “Mikey” Arroyo, the petroleum products sold by Petron, Shell and Chevron are still overpriced by P2.30 per liter, and no longer P8 as earlier reported.

“Our estimates, based on August 10 to 14, the difference is P2.30 per liter on the prevailing prices of petroleum products,” Cebuma said. “The quantity is smaller not like before where there was difference of P8.”

This statement from Cebuma angered Energy Secretary Angelo Reyes, who was also present at the hearing.

The DoE chief was not prevented from assailing Recto, who recently resigned as NEDA chief. He said the P8 overprice announced by Recto was made for political purposes.

“He made those statements to gain public attention, without even finding the truth. This is very lamentable, especially coming from a member of the Cabinet. The former NEDA chief should have consulted me, at the very least. That is simple decency,” Reyes said.

Meanwhile, Bayan Muna Rep. Satur Ocampo urged the House leadership to fast-track consideration of at least two House bills calling for the repeal of the Oil Deregulation Law.

Ocampo said regulating the oil industry will “stop rampant hikers in oil prices that have burdened drivers and commuters already bearing the brunt of flawed government policy and the complete failure of deregulation.”

“These continued price hikes by the big oil companies every time they choose show up the mistake of deregulating the oil industry. As a strategic industry, oil must be under government regulation to protect the public. Congress must fast-track two house bills to bring immediate relief to the people,” Ocampo said.

The activist lawmaker was referring to House Bill 3029 (An Act Regulating the Downstream Petroleum Industry and for Other Related Purposes) and House Bill 3030 (An Act Instituting Centralized Procurement of Petroleum in the Country). Ocampo is principal author of the bills.